In the second quarter (1 April - 30 June) of the 2020 financial year, Tallink
Grupp AS and its subsidiaries (the Group) carried 388 thousand passengers, which
is 85.4% less than in the second quarter last year. The number of cargo units
transported decreased by 12.8% in the same comparison. The Group's unaudited
consolidated revenue decreased by 74.6% or EUR 191.1 million to a total of EUR
65.0 million. Unaudited EBITDA was EUR 2.4 million (EUR 50.7 million in Q2
2019) and unaudited net loss was EUR 27.4 million (net profit of EUR 14.9
million in Q2 2019).
In the second quarter, the Group's revenue and operating results were impacted
by the following operational factors:
* Covid-19 and related travel restrictions.
* 978 trips less due to suspended operations.
* Restrictions on maximum capacity.
Impact of Covid-19 and travel restrictions
Due to the global outbreak of Covid-19, the state of emergency was declared in
most of the Group's home markets in mid-March together with imposing travelling
and movement restrictions. The restrictions were gradually removed starting from
mid-May. However, the restrictions remain in force for international passenger
traffic to and from Sweden.
The impact of the Covid-19 on the Group's second quarter operations and results
has been very extensive. The combined passenger volume of April and May was down
by 93% compared to last year. There was a slight recovery in June following
Finland lifting its travel restrictions. Still, the number of passengers carried
in the month was 72% lower compared to June 2019. Customer profiles changed from
a mix of home and foreign markets to mainly home.
In the situation of extensive travel restrictions and lower demand, the focus
was shifted to cost and cash flow management to ensure the sustainability of the
Group's core business. Thus, non-critical costs and investments were scaled down
and several operational changes were made.
* Operations of the Tallinn-Stockholm route with vessels Victoria I and Baltic
Queen has been suspended since 15 March.
* Daily operations of the Riga-Stockholm route with vessels Romantika and
Isabelle has been suspended since 16 March.
* Operations of the Tallinn-Helsinki route cruise ferry Silja Europa were
suspended from 17 March to 12 June and shuttle vessel Star from 18 March to
14 May.
* Operations of the Helsinki-Stockholm route with vessels Silja Serenade and
Silja Symphony has been suspended since 19 March.
* Operations of Tallink Hotel Riga and Tallink Spa & Conference Hotel, which
were suspended from 18 March, were reopened on 1 and 12 June, respectively.
Tallink Express Hotel in Tallinn remained open in limited capacity in the
second quarter. Tallink City Hotel has remained closed since 18 March.
Throughout the quarter our vessels have been flexibly rerouted to other routes.
* In cooperation with Estonian Ministry of Economic Affairs and Communication,
the shuttle vessel Star was rerouted to the Paldiski-Sassnitz route from 19
March to 18 April to ensure continuing transportation of goods between the
Baltic and the Nordics and western Europe.
* The cruise ferry Victoria I was rerouted to the Tallinn-Helsinki route from
7 June and the cruise ferry Baltic Queen to the Tallinn-Mariehamn route to
perform 2 special cruises in June.
* The cruise ferry Romantika operated 6 special return trips in the second
quarter on the Riga-Stockholm route to transport cargo and commuters. The
cruise ferry Isabelle was rerouted to the Paldiski-Kapellskär route from 7
June.
* The cruise ferry Silja Serenade was rerouted to the Helsinki-Riga route from
26 June.
The Estonia-Finland routes shuttle vessel Megastar and cargo vessel Seawind, the
Paldiski-Kapellskär route cargo vessel Regal Star and the Turku-Stockholm route
cruise ferries Baltic Princess and Galaxy continued operating to ensure
international movement of cargo.
Changes concerning workload and remuneration of personnel
Due to the Covid-19 situation the following changes relating to personnel were
in force in the second quarter of 2020:
* The workload and remuneration of all Estonian personnel was reduced to 70%
for three months.
* Most of the Finnish personnel were on unpaid leave, except the staff on
duty.
* The workload of Swedish personnel was reduced to 40% in April and to 20% in
May and June, except for the staff on duty on vessels.
* The workload and remuneration of all Latvian personnel was reduced to 70%
for two months.
* The Members of Supervisory Board of Tallink Grupp AS waived their
remuneration for three months.
* The Chairman of the Management Board requested his salary to be reduced to
50% and other Management Board Members' salaries were reduced to 70% for
three months.
During the reporting period, collective redundancies process was carried out,
including among others hotel personnel and onboard personnel. To date the
redundancies have affected approximately 500 employees. Additional collective
redundancies process has commenced in the second quarter, which potentially
affects another 700 employees by the end of the third quarter.
The average number of employees during the quarter and the number of employees
at the end of quarter were, respectively, 10.7% and 15.0% lower compared to the
same period a year ago.
Combination of changes relating to personnel and salary compensation support
measures offered by the states resulted in a decrease by EUR 29.7 million in
personnel expenses in the second quarter of 2020 compared to same period last
year.
Support measures
Starting from March the Group has received a total of EUR 17 million in various
direct financial support. Majority of the support was received in the second
quarter of 2020.
The Group used temporary salary compensation measures offered by the states.
From 19 March to 18 June, the operations of Megastar on the Tallinn-Helsinki
route and the Turku-Stockholm route two vessels were backed by Finland's
National Emergency Supply Agency's to ensure the cargo supply. The support was
of crucial help in covering the operating expenses, which were already reduced
to minimum, and thereby reducing the operating losses.
Estonian parliament approved the change in legislation granting exemption from
ships' fairway dues for twelve months starting from April 2020.
Activities to improve liquidity
The Supervisory Board proposed to the shareholders' annual general meeting not
to pay dividends from net profit for 2019.
An instalment for the construction of the shuttle vessel MyStar, originally
scheduled for the second quarter of 2020, was postponed to the third quarter of
2020 after negotiations with the shipyard.
In order to relieve the liquidity issues caused by the Covid-19 situation, the
Group's companies were allowed to postpone the tax payments. At the end of the
second quarter, the postponed tax liability amounted to EUR 11.1 and will be
paid in even amounts until autumn 2021.
During the quarter the Group negotiated with existing and new financial
institutions financing and payment terms including waivers of loan covenants,
deferral of loan principal repayments for the year 2020 and new loan agreements.
As a result, the Group's liquidity improved in great extent and therefore the
financial report has been prepared according to going concern principle.
Sales and segments
In the second quarter of 2020, the Group's total revenue decreased by EUR 191.1
million to EUR 65.0 million. Total revenue in the second quarter of 2019 and
2018 was EUR 256.1 million and EUR 255.4 million, respectively.
Revenue from route operations (core business) decreased by EUR 179.5 million to
EUR 56.4 million. The passenger operations and segment results on all routes
were significantly affected by Covid-19 situation and travel restrictions.
The number of passengers carried on the Estonia-Finland routes decreased by
76.7% compared to last year and the number of transported cargo units decreased
by 6.9%. Estonia-Finland routes' revenue decreased by EUR 61.3 million to EUR
33.6 million. The segment result decreased by EUR 23.9 million to EUR -2.4
million. The Estonia-Finland routes' results include also the operations of the
Paldiski-Sassnitz and the Tallinn-Mariehamn routes. The Finland's National
Emergency Supply Agency support to partially cover the operating expenses of the
shuttle vessel Megastar is reported as other operating income.
The number of passengers carried on the Finland-Sweden routes decreased by
93.0%, while the number of transported cargo units decreased only by 8.7%. The
route's revenue decreased by EUR 73.4 million to EUR 16.2 million and the
segment result decreased by EUR 27.6 million to EUR -18.4 million. Finland-
Sweden results include also the operations of the Helsinki-Riga route as well as
the expenses related to the suspended Helsinki-Stockholm route. The Finland's
National Emergency Supply Agency support to partially cover the operating
expenses of the Turku-Stockholm route operations is reported as other operating
income.
On the Estonia-Sweden routes the number of passengers carried decreased by
96.9% and the number of transported cargo units decreased by 25.1%. The segment
revenue decreased by EUR 26.1 million to EUR 5.2 million and the segment result
decreased by EUR 7.2 million to EUR -4.9 million. Estonia-Sweden routes' results
reflect the operations of the Paldiski-Kapellskär route and the expenses related
to the suspended operations of the Tallinn-Stockholm route.
There were no daily operations on the Latvia-Sweden route during the quarter.
The results reflect 6 return trips performed with permission from the
authorities as well as incurred operating expenses of the suspended route. The
number of transported passengers and cargo units decreased by 98.5% and 89.4%,
respectively. The route's revenue decreased by EUR 18.7 million compared to last
year and amounted to EUR 1.3 million. The segment result decreased by EUR 4.5
million to EUR -4.2 million.
Revenue from the segment other decreased by a total of EUR 13.5 million and
amounted to EUR 8.7 million. The decrease was mainly driven by the suspended
operations of 3 hotels, which resulted in 95.8% lower accommodation sales, and
significantly lower revenue from services provided at the hotels. The segment
revenue was positively impacted by a significant increase in online shop sales,
opening of the first four Burger King restaurants and revenue from providing
mooring services at the Tallinn Old City Harbour.
Earnings
In the second quarter of 2020, the Group's gross profit decreased by EUR 82.5
million compared to the same period last year, amounting to EUR -21.9 million.
EBITDA decreased by EUR 48.3 million and amounted to EUR 2.4 million.
The Group's second quarter financial result was impacted 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.
* Positive impact from support measures.
* Positive impact from the absence of dividend payment related corporate
income tax expense in the amount of EUR 8.1 million as in the second quarter
last year.
Amortisation and depreciation expense increased by EUR 1.8 million to EUR 25.2
million compared to last year. Net finance costs increased by EUR 0.2 million
compared to the second quarter last year.
The Group's unaudited net loss for the second quarter of 2020 was EUR 27.4
million or EUR 0.041 per share compared to a net profit of EUR 14.9 million or
EUR 0.022 per share in 2019 and net profit of EUR 15.3 million or EUR 0.023 per
share in 2018.
Results of the first 6 months of 2020
In the first 6 months (1 January - 30 June) of the 2020 financial year the Group
carried 2.0 million passengers which is 56.6% less compared to the same period
last year. The Group's unaudited revenue for the period decreased by 49.4% and
amounted to EUR 219.9 million. Unaudited EBITDA for the first 6 months was EUR
1.2 million (EUR 54.5 million, 6 months 2019) and unaudited net loss was EUR
57.6 million (EUR 10.4 million, 6 months 2019 net loss).
The financial result of the first 6 months of 2020 was impacted by following
factors:
* Suspended operations of vessels and hotels due to the Covid-19 situation and
the travel restrictions from mid-March.
* Dockings of six ships totalling 79 days (total of 121 docking days in the
first 6 months of 2019)
Investments
The Group's investments in the second quarter of 2020 amounted to EUR 14.4
million with the majority arising from the EUR 8.5 million purchase of a ro-pax
vessel Sailor. Investments were made in the ships' technical maintenance,
including works performed during Silja Serenade 10 docking days in April.
Investments were also made in the development of the online booking and sales
systems as well as other administrative systems and in relation to the opening
of four Burger King restaurants.
Dividends
Due to a deteriorated operating environment and considering the Company's long-
term interests, the Supervisory Board proposed to the shareholders' annual
general meeting not to pay dividends from net profit for 2019. On 30 July 2020
(third quarter), the shareholders' annual general meeting decided not to pay
dividends from net profit for 2019.
Financial position
In the second quarter, the Group's net debt increased by EUR 19.2 million to EUR
593.8 million and the net debt to EBITDA ratio was 5.0 at the reporting date.
At the end of the second quarter, total liquidity buffer (cash, cash equivalents
and unused overdraft facilities) amounted to EUR 104.9 million (EUR 123.1
million at 30 June 2019).
At 30 June 2020, the Group's cash and cash equivalents amounted to EUR 21.9
million (EUR 67.1 million at 30 June 2019) and the Group had EUR 83.0 million in
unused overdraft facilities (EUR 56.0 million at 30 June 2019).
Economic Environment
The Group considers Finland, Sweden, Estonia and Latvia its home markets with
the most exposure to the economic developments in Finland. The Group has also
high exposure to the economic developments in Estonia and Sweden.
In the second quarter of 2020 the Group's economic environment was dominated by
the Covid-19 pandemic outbreak and the related restrictions set by governments.
According to the OECD data, the confidence of both the consumers and the
businesses plummeted across all our home markets during the quarter,
particularly in Estonia and Latvia.
For the Group the weaker consumer confidence reflected mainly in the lower
demand for travelling. The demand was also hindered by the imposed travelling
and movement restrictions. The international travel restrictions and reduced air
traffic also effectively meant the absence of demand from the customers from
outside our home markets.
The Covid-19 situation improved enough for gradually lifting the majority of the
restrictions on all our other home markets, except for Sweden, allowing to
restart of some of our passenger operations toward the end of the quarter. The
state-level travelling and border-crossing restrictions effectively allowed to
offer only international cargo operations to and from Sweden.
Although the cargo market fared somewhat better relative to the passenger
business the Covid-19 impact is felt in this area too. Along with the tight
competition, the decreased business confidence materialised as decline both in
the number of cargo units and in the average revenue per unit.
Measured in euros the global fuel prices declined, on average, by 54% in the
second quarter of 2020 compared to a year ago. The Group's overall fuel cost
declined by 56% compared to the same period last year. In addition to the change
in the fuel market price, the change in the cost was affected by the number and
timing of trips as well as an existing fuel price agreement with the price fixed
above the market level.
For the foreseeable future, the key risk has to do with global and regional
developments with the Covid-19 situation and related restrictions on travel and
other economic activities, its economic damage and its impact on local and
international trade.
Events in Q2
Start of construction of the new shuttle vessel MyStar
The physical production process of MyStar started on 6 April 2020 in Rauma
shipyard in Finland with a traditional steel cutting ceremony.
Changes in the Audit Committee
Luke Staniczek was recalled from the Audit Committee and from 17 April, the
Audit Committee continued with three members including Meelis Asi (Chairman of
the Audit Committee), Ain Hanschmidt and Mare Puusaag.
Changes in the Group structure
In April 2020, TLG Agent OÜ, a wholly-owned subsidiary of the Group, was renamed
LNG Shipmanagement OÜ. The main activity of the subsidiary is to provide crewing
service.
In June 2020, Tallink Latvija AS, a wholly-owned subsidiary of the Group,
registered a wholly-owned subsidiary in Latvia - SIA BK Properties. The purpose
of founding the subsidiary is acquisition and holding of real estate properties
for the operation of Burger King restaurants in Latvia.
Charter agreement extension
In May 2020, Baltic SF IX Limited, a wholly-owned subsidiary of the Group, and
Marine Atlantic Inc, a Canadian company with the state participation therein,
concluded to extend the current charter agreement of MV Atlantic Vision (ex.
Superfast IX) for two years, until November 2022. The vessel has been on the
long-term bareboat charter since 14 November 2008.
Increase of overdraft limit
In the second quarter, the Group extended its existing overdraft facility with
Danske Bank A/S by EUR 20.0 million and Nordea Bank Abp by EUR 20.0 million.
After the reporting date, in July 2020, extension of overdraft facility with SEB
Pank AS by EUR 20.0 million was finalized. The increase of the overdraft
facilities helps to improve the Group's liquidity.
Changes in loan agreements
Amendments to loan facility agreements signed by Tallink Grupp AS and all its
lending banks whereby loan principal repayments in the amount of EUR 61 million
for the year 2020 are deferred and added to the last payment of each respective
loan facility came into force on 29 May 2020. The loans' final maturities and
interest margins remained unchanged. Request for waivers of loan covenants were
also approved.
The repayment rescheduling improved significantly the Group's liquidity position
and increased flexibility to maintain sufficient working capital in challenging
economic environment.
Signing of the loan agreement
On 8 June 2020, Tallink Grupp AS and KredEx SA signed a working capital loan
agreement. The total amount of the loan limit is EUR 100 million and the loan
can be drawn in EUR 10-40 million tranches. The interest rate of the three-year
maturity loan is 12-month Euribor +2%.
The loan is secured by mortgages on five vessels ranking after the existing
creditors.
Purchase of ro-pax vessel Sailor
On 30 June 2020, Baltic SF VIII Ltd, a subsidiary of the Group purchased a ro-
pax vessel Sailor from Navirail OÜ. The ship is registered in the Cyprus Ship
Registry and is going to sail under the Estonian flag. The purchase of the ro-
pax vessel will strengthen the Group fleet's cargo capacity.
Fuel price risk management
In the first quarter of 2020, the Group entered into agreements with its main
fuel suppliers and fixed the purchase price of fuel equivalent to about 65% of
its total estimated fuel volume for 2020. Due to the Covid-19 situation, more
flexible terms were negotiated and agreed with one of the fuel suppliers in
April.
Opening of Burger King restaurants
The Group opened its first three Burger King restaurants in Tallinn on 20 May
2020. The fourth restaurant was opened on 15 June 2020. The Group has secured
the locations of its first Burger King restaurants in Latvia and Lithuania, to
be opened in the second half of 2020.
Events after the reporting period and outlook
Prepayment for the new shuttle vessel MyStar
The last prepayment instalments for the new shuttle vessel MyStar in the total
amount of EUR 49.4 million will be made in the third quarter of 2020.
Dividends
On 30 July 2020, the shareholders' general meeting decided not to pay dividend
from net profit for 2019.
Renovation of Tallink City Hotel
Tallink City Hotel in Tallinn will undergo a full-scale renovation from
September 2020. The renovation works are estimated to be finalised by the end of
May 2021 and the hotel reopened in June next year.
Earnings
The Group's earnings are not generated evenly throughout the year. The summer
period is the high season in the Group's operations. In management's opinion and
based on prior experience most of the Group's earnings are generated during the
summer (June-August).
Due to the ongoing Covid-19 situation the earnings outlook for 2020 has become
uncertain and will be largely subject to external factors such as the states'
decisions regarding the timing of lifting of the travel restrictions, allowing
passenger traffic as well as the duration of the recovery period. In the opinion
of the Management Board the Group will not earn profits in 2020 financial year.
Research and development projects
Tallink Grupp AS does not have any substantial ongoing research and development
projects. The Group is continuously seeking opportunities for expanding its
operations in order to improve its results.
The Group is continuously looking for innovative ways to upgrade the ships and
passenger area technology to improve its overall performance through modern
solutions. The most recent project, in collaboration with ports in the Baltic
Sea area and supported by the Connecting Europe Facility (CEF) fund, involves
making preparations for the use of high-voltage shore connection during the
vessels' port stays. Another ongoing collaboration project with Tallinn
University of Technology (TalTech) involves the development of smart car deck
solutions.
In addition, the Group is participating in a programme, funded by the European
Space Agency, with a goal to develop techniques for autonomous navigation for
ships, using a combination of different sensors, machine learning and artificial
intelligence.
Risks
The Group's business, financial position and operating results could be
materially affected by various risks. These risks are not the only ones we face.
Additional risks and uncertainties not presently known to us, or that we
currently believe are immaterial or unlikely, could also impair our business.
The order of presentation of the risk factors below is not intended to be an
indication of the probability of their occurrence or of their potential effect
on our business.
* Covid-19 situation and developments
* Accidents, disasters
* Macroeconomic developments
* Changes in laws and regulations
* Relations with trade unions
* Increase in the fuel prices and interest rates
* Market and customer behaviour
Key figures
For the period Q2 2020 Q2 2019 Change %
-------------------------------------------------------------------------------
Revenue (million euros) 65.0 256.1 -74.6%
Gross profit/loss (million euros) -21.9 60.6 -136.1%
EBITDA¹ (million euros) 2.4 50.7 -95.2%
EBIT¹ (million euros) -22.7 27.4 -183.0%
Net profit/loss for the period (million
euros) -27.4 14.9 -283.8%
Depreciation and amortisation (million euros) 25.2 23.3 7.9%
Capital expenditures¹ ²(million euros) 14.4 18.5 -22.0%
Weighted average number of ordinary shares
outstanding 669 882 040 669 882 040 0.0%
Earnings/loss per share¹ -0.041 0.022 -283.8%
Number of passengers 388 212 2 651 843 -85.4%
Number of cargo units 86 755 99 546 -12.8%
Average number of employees 6 578 7 363 -10.7%
As at 30.06.2020 31.03.2020 Change %
-------------------------------------------------------------------------------
Total assets (million euros) 1 505.9 1 517.8 -0.8%
Total liabilities (million euros) 740.5 724.5 2.2%
Interest-bearing liabilities (million euros) 615.7 591.0 4.2%
Net debt¹ (million euros) 593.8 574.5 3.3%
Net debt to EBITDA¹ 5.0 3.5 45.7%
Total equity (million euros) 765.3 793.2 -3.5%
Equity ratio¹ (%) 51% 52%
Number of ordinary shares outstanding 669 882 040 669 882 040 0.0%
Equity per share¹ 1.14 1.18 -3.5%
Ratios¹ Q2 2020 Q2 2019
-------------------------------------------------------------------------------
Gross margin (%) -33.7% 23.7%
EBITDA margin (%) 3.7% 19.8%
EBIT margin (%) -35.0% 10.7%
Net profit/loss margin (%) -42.1% 5.8%
ROA (%) 1.3% 4.0%
ROE (%) 0.3% 4.1%
ROCE (%) 1.5% 4.9%
(1) Alternative performance measures based on ESMA guidelines are disclosed in
the Alternative Performance Measures section of this Interim Report.
(2) Does not include additions to right-of-use assets.
EBITDA: result from operating activities before net financial items, share of
profit of equity-accounted investees, taxes, depreciation and amortization
EBIT: result from operating activities
Earnings per share: net profit / weighted average number of shares outstanding
Equity ratio: total equity / total assets
Shareholder's equity per share: shareholder's equity / number of shares
outstanding
Gross margin: gross profit / net sales
EBITDA margin: EBITDA / net sales
EBIT margin: EBIT / net sales
Net profit margin: net profit / net sales
Capital expenditure: additions to property, plant and equipment - additions to
right-of-use assets + additions to intangible assets
ROA: earnings before net financial items, taxes 12-months trailing / average
total assets
ROE: net profit 12-months trailing / average shareholders' equity
ROCE: earnings before net financial items, taxes 12-months trailing / (total
assets - current liabilities (average for the period))
Net debt: interest-bearing liabilities less cash and cash equivalents
Net debt to EBITDA: net debt / EBITDA 12-months trailing
Consolidated statement of profit or loss and other comprehensive income
Jan-Jun Jan-Jun
Unaudited, in thousands of EUR Q2 2020 Q2 2019 2020 2019
-------------------------------------------------------------------------------
Revenue (Note 3) 64 962 256 103 219 892 434 973
Cost of sales -86 857 -195 469 -241 959 -363 840
-------------------------------------------------------------------------------
Gross loss/profit -21 895 60 634 -22 067 71 133
Sales and marketing expenses -7 320 -19 212 -21 268 -36 254
Administrative expenses -9 605 -14 443 -23 029 -29 511
Other operating income 16 138 439 17 670 1 163
Other operating expenses -57 -11 -79 -25
-------------------------------------------------------------------------------
Result from operating activities -22 739 27 407 -48 773 6 506
Finance income (Note 4) 0 93 1 1 095
Finance costs (Note 4) -4 588 -4 506 -8 700 -9 837
Loss before income tax -27 327 22 994 -57 472 -2 236
Income tax -44 -8 104 -97 -8 129
Net loss for the period -27 371 14 890 -57 569 -10 365
Net loss for the period attributable to
equity holders of the Parent -27 371 14 890 -57 569 -10 365
Other comprehensive income
Items that may be reclassified to profit or
loss
Exchange differences on translating foreign
operations -504 257 81 422
-------------------------------------------------------------------------------
Other comprehensive income for the period -504 257 81 422
Total comprehensive loss for the period -27 875 15 147 -57 488 -9 943
Total comprehensive loss for the period
attributable to equity holders of the
Parent -27 875 15 147 -57 488 -9 943
Loss per share (in EUR, Note 5) -0.041 0.022 -0.086 -0.015
-------------------------------------------------------------------------------
Consolidated statement of financial position
Unaudited, in thousands of EUR 30.06.2020 30.06.2019 31.12.2019
-------------------------------------------------------------------------------
ASSETS
Cash and cash equivalents 21 892 67 070 38 877
Trade and other receivables 22 434 53 270 37 606
Prepayments 10 641 12 134 6 805
Prepaid income tax 0 46 67
Inventories 37 035 39 326 37 255
-------------------------------------------------------------------------------
Current assets 92 002 171 846 120 610
Investments in equity-accounted investees 403 407 403
Other financial assets and prepayments 1 866 326 1 619
Deferred income tax assets 18 674 17 934 18 674
Investment property 300 300 300
Property, plant and equipment (Note 6) 1 349 733 1 373 420 1 347 093
Intangible assets (Note 7) 42 898 45 640 44 264
-------------------------------------------------------------------------------
Non-current assets 1 413 874 1 438 027 1 412 353
TOTAL ASSETS 1 505 876 1 609 873 1 532 963
LIABILITIES AND EQUITY
Interest-bearing loans and borrowings (Note
8) 130 066 108 190 89 198
Trade and other payables 86 951 107 626 98 926
Payables to owners 6 33 496 6
Income tax liability 10 8 049 0
Deferred income 37 901 46 635 33 314
-------------------------------------------------------------------------------
Current liabilities 254 934 303 996 221 444
Interest-bearing loans and borrowings (Note
8) 485 593 495 970 488 682
-------------------------------------------------------------------------------
Non-current liabilities 485 593 495 970 488 682
-------------------------------------------------------------------------------
Total liabilities 740 527 799 966 710 126
Share capital (Note 9) 314 844 361 736 314 844
Share premium 663 663 663
Reserves 68 666 70 893 69 608
Retained earnings 381 176 376 615 437 722
-------------------------------------------------------------------------------
Equity attributable to equity holders of the
Parent 765 349 809 907 822 837
Total equity 765 349 809 907 822 837
-------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 1 505 876 1 609 873 1 532 963
Consolidated statement of cash flows
Jan-Jun Jan-Jun
Unaudited, in thousands of EUR Q2 2020 Q2 2019 2020 2019
-------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period -27 371 14 890 -57 569 -10 365
Adjustments 29 084 36 133 58 471 65 377
Changes in:
Receivables and prepayments related to
operating activities 9 649 -11 569 11 294 -15 521
Inventories 2 417 -3 021 220 -3 585
Liabilities related to operating activities -9 782 14 154 -7 545 21 704
-------------------------------------------------------------------------------
Changes in assets and liabilities 2 284 -436 3 969 2 598
Cash generated from operating activities 3 997 50 587 4 871 57 610
Income tax repaid/paid -33 -136 -20 -218
-------------------------------------------------------------------------------
NET CASH FROM OPERATING ACTIVITIES 3 964 50 451 4 851 57 392
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant, equipment and
intangible assets (Notes 6, 7) -14 344 -18 456 -41 414 -43 718
Proceeds from disposals of property, plant,
equipment 3 64 47 142
Interest received 0 0 1 1
-------------------------------------------------------------------------------
NET CASH USED IN INVESTING ACTIVITIES -14 341 -18 392 -41 366 -43 575
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans received (Note 8) 0 0 15 000 0
Repayment of loans received (Note 8) 0 -14 834 -14 667 -31 334
Change in overdraft (Note 8) 19 747 9 152 32 005 19 009
Payments for settlement of derivatives 0 0 0 -1 029
Payment of lease liabilities (Note 8) -999 -3 667 -4 914 -7 134
Interest paid -2 941 -3 415 -7 689 -8 434
Payment of transaction costs related to loans 0 0 -205 0
-------------------------------------------------------------------------------
NET CASH FROM/USED IN FINANCING ACTIVITIES 15 807 -12 764 19 530 -28 922
TOTAL NET CASH FLOW 5 430 19 295 -16 985 -15 105
-------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of
period 16 462 47 775 38 877 82 175
Change in cash and cash equivalents 5 430 19 295 -16 985 -15 105
-------------------------------------------------------------------------------
Cash and cash equivalents at the end of period 21 892 67 070 21 892 67 070
Veiko Haavapuu
Financial Director
AS Tallink Grupp
Sadama 5
10111 Tallinn, Estonia
E-mail veiko.haavapuu@tallink.ee
(https://www.globenewswire.com/Tracker?data=7cNPZVRR_uyFyhOkG_Q_eWuwpwLY1IwmkSSe
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