Market announcement

Title

AS Tallink Grupp Unaudited Consolidated Interim Report Q2 2021

Message

In the second quarter (1 April - 30 June) of the 2021 financial year, Tallink
Grupp AS and its subsidiaries (the Group) carried 427 767 passengers, which is
10.2% more than in the second quarter last year. The number of cargo units
transported increased by 6.0% in the same comparison. The Group's unaudited
consolidated revenue increased by 32.5% or EUR 21.1 million to a total of EUR
86.1 million. Unaudited EBITDA was EUR 4.4 million (EUR 2.4 million in Q2 2020)
and unaudited net loss was EUR 24.3 million (net loss of EUR 27.4 million in Q2
2020).

In the second quarter, the Group's operations and operating results were
strongly influenced by the COVID-19 situation, restrictions on international
travel and communications advising against travelling by state authorities. The
operational factors impacting results were following:

  * during the quarter 2 shuttle vessels, 3 cargo vessels, 4 cruise ferries and
    effectively one hotel were operating in limited capacity;
  * short-term charter of Silja Europa in June;
  * COVID-related restrictions imposed by state authorities;
  * operations of 5 vessels and effectively 3 hotels were suspended due to
    imposed travel restrictions;
  * significant increase in the global fuel prices;
  * preparation costs for starting employment of four vessels from July 2021
    onward;
  * cost savings from previously implemented measures.

To enhance travelling and contribute to resolving the COVID-19 crisis, from the
second quarter the Group offers the opportunity for passengers to perform COVID-
19 antigen testing and get vaccine shots on board the Tallinn-Helsinki shuttle
ferries.

Operations during the quarter
Given the uncertainty regarding the duration of the crisis and the course of the
post-crisis recovery with progress of vaccinations, the business environment has
remained challenging.
In the current situation, the focus has remained on costs and cash flow
management to ensure the sustainability of the Group's core business.

Cruise ferry Silja Europa was chartered out in the beginning of June. Cruise
ferry Silja Serenade started operating on Tallinn-Helsinki and Helsinki-
Mariehamn routes in June. Starting from 23 June, the cruise ferry Silja Europa
operates on Tallinn-Helsinki route.

Operations of Tallinn-Stockholm route vessels, Baltic Queen and Victoria I,
Riga-Stockholm route vessels, Romantika and Isabelle, and Helsinki-Stockholm
route vessel, Silja Symphony, were suspended. Tallink City Hotel renovation was
completed in June and the hotel was reopened on 30 June. Tallink Spa &
Conference Hotel and Tallink Express Hotel operated in very limited capacity.
Tallink Hotel Riga has remained closed since October 2020 and will not be opened
in 2021.

Estonia-Finland routes' shuttle vessels Megastar and Star, cargo vessel Seawind,
Paldiski-Kapellskär route cargo vessels Regal Star and Sailor, and Turku-
Stockholm route cruise ferries Baltic Princess and Galaxy continued operating to
ensure international movement of cargo. Operations, particularly Estonia-Finland
route, were impacted negatively by continuous traveling restrictions imposed by
Finnish Government.

Sales and segments
In the second quarter of 2021, the Group's total revenue increased by EUR 21.1
million to EUR 86.1 million. Total revenue in the second quarter of 2020 and
2019 was EUR 65.0 million and EUR 256.1 million, respectively.

Revenue from route operations (core business) increased by EUR 9.7 million to
EUR 66.1 million. The passenger operations and segment results on all routes
were significantly affected by the COVID-19 situation and imposed travel
restrictions.

The number of passengers carried on the Estonia-Finland routes increased by
4.1% compared to last year. The number of transported cargo units increased by
7.9%. Estonia-Finland routes' revenue increased by EUR 7.5 million to EUR 41.1
million. The segment result increased by EUR 2.6 million to EUR 0.2 million. The
segment reflects operations of two shuttle vessels, a cargo vessel and two
cruise ferries in June.

The number of passengers carried on the Finland-Sweden routes increased by
52.3%. The number of transported cargo units decreased by 8.2%. The route's
revenue increased by EUR 2.6 million to EUR 18.8 million and the segment result
improved by 37.6% or EUR 6.9 million to EUR -11.5 million. The segment reflects
Turku-Stockholm operations and expenses of suspended Helsinki-Stockholm route
cruise ferries. The results do not reflect EUR 4.7 million government assistance
related to operation of Turku-Stockholm route (mainly for personnel expenses and
variable costs).

On Estonia-Sweden routes' the number of passengers carried increased by 17.8%.
The number of transported cargo units increased by 28.2%. Estonia-Sweden routes'
revenue increased by EUR 0.9 million to EUR 6.1 million and the segment result
improved by 12.1% to EUR -4.3 million. Estonia-Sweden route reflects operation
of two cargo vessels and expenses of two suspended cruise ferries.

The Latvia-Sweden route operations were suspended in the second quarter. The EUR
-3.5 million segment results reflects the expenses of the two suspended cruise
ferries.

Revenue from the segment other increased by a total of EUR 11.3 million and
amounted to EUR 20.0 million. The increase was mainly driven by various retail
activities and charter revenue.

Earnings
In the second quarter of 2021, the Group's gross profit improved by EUR 13.2
million compared to the same period last year, amounting to EUR -8.7 million.
EBITDA increased by EUR 1.9 million and amounted to EUR 4.4 million.

Despite continuously strict travelling restrictions, lower impact from support
measures and government assistance, increasing fuel prices and expenses made in
preparation for employment of vessels from July 2021 onward, the increase in
EBITDA compared to last year, was achieved due to previously taken steps to
reduce the cost base and increase efficiency.

The Group used temporary salary support measures offered by Estonian government
which reduced personnel expenses by EUR 3.9 million. In the second quarter of
last year, the impact of comparable salary support measure amounted to EUR 10.5
million. In addition, government assistance from Group's home markets amounted
to EUR 6.1 million (EUR 16.1 million in second quarter of 2020).

During the quarter, there was a reduction in ships' fairway dues in Estonia
amounting to EUR 0.6 million. The reduction is valid until the end of 2021. The
exemption from ships' fairway dues in the second quarter of 2020 amounted to EUR
1.1 million.

In comparison with the second quarter of 2020 the combined impact of government
assistance and support measures was EUR 17.1 million lower.

Amortisation and depreciation expense decreased by EUR 1.4 million to EUR 23.8
million compared to last year.

Net finance costs increased by EUR 0.6 million compared to the second quarter
last year. The change includes an increase of EUR 0.8 million in interest
expense and gain of EUR 0.2 million from foreign exchange differences.

The Group's unaudited net loss for the second quarter of 2021 was EUR 24.3
million or EUR 0.036 per share compared to a net loss of EUR 27.4 million or EUR
0.041 per share in 2020 and net profit of EUR 14.9 million or EUR 0.022 per
share in 2019.

Results of the first 6 months of 2021
In the first 6 months (1 January - 30 June) of the 2021 financial year the Group
carried 0.7 million passengers which is 64.4% less compared to the same period
last year. The Group's unaudited revenue for the period decreased by 36.4% and
amounted to EUR 139.8 million. Unaudited EBITDA for the first 6 months was EUR
-1.9 million (EUR 1.2 million, 6 months 2020) and unaudited net loss was EUR
58.8 million (EUR 57.6 million, 6 months 2020).

The financial result of the first 6 months of 2021 was impacted by suspension of
operations of vessels and hotels due to the COVID-19 situation and travel
restrictions as well as increase in global fuel prices.

Investments
The Group's investments in second quarter of 2021 amounted to EUR 3.1 million.

Due to the changed economic environment and suspension of vessel operations,
ship-related investments were kept to minimum and only critical maintenance and
repair works were performed.

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 Burger King restaurants.

Dividends
Due to a deteriorated operating environment after the reporting date and
considering the Company's long-term interests, the Supervisory Board proposed
not to pay dividends, which was approved by the shareholders on annual general
meeting on 15 June 2021.

Financial position
At the end of the second quarter 2021, the Group's net debt had increased by EUR
112.9 million to EUR 706.7 million compared to the end of the second quarter
2020.

In order to relieve the liquidity issues caused by the COVID-19 situation, Group
entities were allowed to postpone tax payments in 2020 and 2021 by home markets
tax boards. The postponed tax liabilities amounted to EUR 8.0 million at the end
of the quarter and have different settlement dates over the coming years.

As at 30 June 2021, the Group's cash and cash equivalents amounted to EUR 37.8
million (EUR 21.9 million at 30 June 2020) and the Group had EUR 78.9 million in
unused credit lines (EUR 83.0 million at 30 June 2020). The total liquidity
buffer (cash, cash equivalents and unused credit facilities) amounted to EUR
116.7 million (EUR 104.9 million at 30 June 2020). In addition, the Group had
undrawn part of EUR 90.0 million of the EUR 100.0 million working capital loan
from Nordic Investment Bank, as at the reporting date. At the same time, the
current trade and other payables amounted to EUR 88.9 million (EUR 87.0 million
at 30 June 2020).

By the end of the quarter, the Group agreed with financial institutions on the
amendment and the prolongation of the waivers of financial covenants and the
postponement of principal payments under existing loan agreements. From the
second quarter of 2021 until the end of first quarter of 2022 repayments in the
total amount of EUR 82.1 million are deferred and added to the last payment of
each respective loan facility. The deferrals for the 2021 financial year amount
to EUR 67.4 million.

Personnel
As at 30 June 2021, the Group had 4 352 employees (6 545 at 30 June 2020). The
number of employees includes 215 employees on maternity leave.

Due to the COVID-19 situation the following changes regarding personnel were
effective in the second quarter of 2021:

  * majority of the Finnish personnel were on unpaid leave, except the staff on
    duty on vessels; by the end of the quarter, the number of personnel on
    unpaid leave decreased due to the preparations for starting operations;
  * workload reduced to 20% for a large percentage of Swedish employees and up
    to 80% of salary remunerated by the Swedish Government.

In the second quarter of 2021, staff costs amounted to EUR 25.6 million (EUR
28.0 million in 2020), which is an 8.3% decrease compared to the same period
last year. The staff costs were impacted by salary support in a total amount of
EUR 3.9 million (EUR 10.5 million paid in April-June 2020) from the government
of Estonia, paid directly to employees in April and May. In the second quarter
of 2020 the salary expenses were lowered by temporary reduction of workload and
remuneration to 70% for all Estonian staff for three months and for all Latvian
staff for two months. This measure was not in place in the second quarter of
2021. Salary support paid by the government of Sweden amounted to EUR 2.8
million (EUR 5.3 million in 2020) and is recognised as other operating income.

Economic Environment
The Group considers Finland, Sweden, Estonia and Latvia its home markets with
the most exposure to the economic and travel restriction developments in
Finland. The Group has also high exposure to the economic and travel restriction
developments in Estonia and Sweden. In the second quarter of 2021, the Group's
economic environment was dominated by the COVID-19 pandemic and restrictions
related to international travelling.

The consumer confidence for Finnish and Swedish consumers improved by the end of
the quarter, however, the overall demand in passenger traffic remained very low
due to hindrances in travelling. The international travel restrictions and
reduced air traffic has effectively meant absence of demand from the customers
from outside our home markets since the start of the COVID-19 pandemic. The
state-level travelling and border-crossing restrictions effectively allowed to
offer only international cargo operations to and from Sweden.

In the second quarter, the cargo market fared better relative to the passenger
business, supported by the recovering business confidence on all home markets.
Yet the market conditions regarding price competition remained challenging
resulting in a stagnant development in the average revenue per unit compared to
the previous year.

Measured in euros the global fuel prices increased, on average, by 107% in the
second quarter of 2021 compared to last year's low base. The annual increase in
the effective prices for the Group was lower due to fuel price agreements with
the price fixed above the market level effective a year ago. Increase in the
fuel prices was the main cause of the Group's overall fuel cost increasing by
32% compared to the same period last year.

The European Union, Finland and Sweden, made strong progress with the
vaccination process in the second quarter and at the reporting date it can be
estimated that the level of protection against COVID-19 among the adult
population in Finland and Sweden has reached about 80% (either vaccinated with
at least one shot or recovered from COVID-19). Despite a good start, the
vaccination pace in Estonia remained slow in the quarter with the level of
immunized adult population estimated to have reached only around 65%.

For the foreseeable future, the key risk has to do with global and regional
developments with the COVID-19 situation, progress of vaccinations and related
restrictions on travel and other economic activities, its economic damage and
its impact on local and international trade.

Events in Q2
Extensions of the term of office and addition to the Management Board
In April, the Supervisory Board of AS Tallink Grupp extended the term of office
of the Group's Chief Executive Officer Paavo Nõgene by three years and extended
the term of office of Management Board Member Lembit Kitter until the end of
2021. The Supervisory Board appointed Margus Schults as the new and additional
member to the Group's Management Board from 29 April 2021.

Short-term charter agreements
In the beginning of June, Silja Europa was on a short-term charter in the United
Kingdom to accommodate Devon and Cornwall police officers involved in the G7
event.

In late June, the Group and Tanger MED Port Authority S.A., a Moroccan state-
owned company, signed short-term time-charter agreements for the vessels
Victoria I and Romantika. The vessels will operate on international shipping
routes between Morocco and France and between Morocco and Italy in July-
September 2021.

Changes in AS Tallink Grupp's loan agreements
The Group and its lending banks signed amendments to loan facility agreements
whereby the loan principal repayments were rescheduled and waivers of selected
financial covenants were agreed. The loans' final maturities remained unchanged.
Repayments in the total amount of EUR 82.1 million are deferred and added to the
last payment of each respective loan facility.

Opening of Burger King restaurant in Latvia
In June 2021, third Burger King restaurant was opened in Latvia. By the end of
second quarter, the Group operated 10 Burger King restaurants.

Completion of renovation and reopening of Tallink City Hotel
The renovation of Tallink City Hotel was completed and the hotel was reopened on
30 June 2021.

Events after the reporting period and outlook
Christening of the new LNG shuttle vessel MyStar
The new LNG shuttle vessel MyStar will be christened according to the traditions
of shipbuilding in Rauma shipyard on 12 August 2021. The godmother of the new
vessel will be the President of the Republic of Estonia Kersti Kaljulaid.

Opening of Burger King restaurants
The Group continues preparations for opening additional Burger King restaurants
in 2021. In the second half of the year altogether six new Burger King
restaurants are planned to be opened in Latvia and Lithuania.

Short-term outlook of vaccination against COVID-19
At the date of the report nearly 69% of the adult population of European Union
(EU) had received at least one vaccine dose which still needs to improve to
reach the EU vaccination program target of having 70% of the entire EU adult
population vaccinated by summer 2021. Depending on the pace of the continuation
of vaccination and natural infections, the pandemic might be controlled by the
end 2021 in Europe, according to EU.

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). However, this year, dependent on situation with the
vaccinations and cross-border travelling, the period may extend to autumn.

Due to the ongoing COVID-19 situation the earnings outlook is uncertain and
continues to be strongly affected by external factors such as the progress of
vaccination, states' decisions regarding the timing of the lifting of travel
restrictions and allowing passenger traffic as well as the duration of the
recovery period. Management expects the passenger traffic between Estonia and
Finland to recover rapidly after the restrictions and authorities' advice
against travelling have been lifted.

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 technical projects are focusing on the solutions for
reduction of the ships CO2 footprint.

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
  * Governmental restrictions on business activities
  * 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 2021     Q2 2020
-------------------------------------------------------------------------------
 Revenue (million euros)                                       86.1        65.0

 Gross profit (million euros)                                  -8.7       -21.9

 EBITDA¹ (million euros)                                        4.4         2.4

 EBIT¹ (million euros)                                        -19.4       -22.7

 Net profit/loss for the period (million euros)               -24.3       -27.4



 Depreciation and amortisation (million euros)                 23.8        25.2

 Capital expenditures¹ ²(million euros)                         3.1        14.4

 Weighted average number of ordinary shares outstanding 669,882,040 669,882,040

 Earnings/loss per share¹                                    -0.036      -0.041



 Number of passengers                                       427,767     388,212

 Number of cargo units                                       91,990      86,755

 Average number of employees                                  4,064       6,578



 As at                                                   30.06.2021  31.03.2021
-------------------------------------------------------------------------------
 Total assets (million euros)                               1,524.7     1,492.5

 Total liabilities (million euros)                            869.1       812.4

 Interest-bearing liabilities (million euros)                 744.5       728.3

 Net debt¹ (million euros)                                    706.7       713.5

 Net debt to EBITDA¹                                          143.2       238.7

 Total equity (million euros)                                 655.7       680.1

 Equity ratio¹ (%)                                              43%         46%



 Number of ordinary shares outstanding                  669,882,040 669,882,040

 Equity per share¹                                             0.98        1.02



 Ratios¹                                                    Q2 2021     Q2 2020
-------------------------------------------------------------------------------
 Gross margin (%)                                            -10.1%      -33.7%

 EBITDA margin (%)                                             5.1%        3.7%

 EBIT margin (%)                                             -22.5%      -35.0%

 Net profit/loss margin (%)                                  -28.3%      -42.1%



 ROA (%)                                                      -6.1%        1.3%

 ROE (%)                                                     -15.4%        0.3%

 ROCE (%)                                                     -7.3%        1.5%

(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 or loss/ 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 or loss / 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 2021 Q2 2020     2021     2020
-------------------------------------------------------------------------------
 Revenue (Note 3)                              86,078  64,962  139,824  219,892

 Cost of sales                                -94,783 -86,857 -168,504 -241,959
-------------------------------------------------------------------------------
 Gross loss /profit                            -8,705 -21,895  -28,680  -22,067



 Sales and marketing expenses                  -6,921  -7,320  -11,994  -21,268

 Administrative expenses                      -10,450  -9,605  -20,406  -23,029

 Impairment loss on receivables

 Other operating income                         6,683  16,138   11,721   17,670

 Other operating expenses                           5     -57       -8      -79
-------------------------------------------------------------------------------
 Result from operating activities             -19,388 -22,739  -49,367  -48,773



 Finance income (Note 4)                           -4       0        1        1

 Finance costs (Note 4)                        -5,151  -4,588   -9,828   -8,700

 Share of profit/loss of equity-accounted
 investees                                          0       0        0        0
-------------------------------------------------------------------------------
 Loss before income tax                       -24,543 -27,327  -59,194  -57,472



 Income tax                                       216     -44      436      -97



 Net loss for the period                      -24,327 -27,371  -58,758  -57,569

 Net loss for the period attributable to
 equity holders of the Parent                 -24,327 -27,371  -58,758  -57,569



 Other comprehensive income

 Items that may be reclassified to profit or
 loss

 Exchange differences on translating foreign
 operations                                       -70    -504      104       81
-------------------------------------------------------------------------------
 Other comprehensive income for the period        -70    -504      104       81



 Total comprehensive loss for the period      -24,397 -27,875  -58,654  -57,488

 Total comprehensive loss for the period
 attributable to equity holders of the Parent -24,397 -27,875  -58,654  -57,488



 Loss per share (in EUR, Note 5)               -0.036  -0.041   -0.088   -0.086
-------------------------------------------------------------------------------



Consolidated statement of financial position

 Unaudited, in thousands of EUR                30.06.2021 30.06.2020 31.12.2020
-------------------------------------------------------------------------------
 ASSETS

 Cash and cash equivalents                         37,816     21,892     27,834

 Trade and other receivables                       30,519     22,434     25,463

 Prepayments                                       13,698     10,641      7,216

 Prepaid income tax                                    25          0          0

 Inventories                                       35,609     37,035     28,707
-------------------------------------------------------------------------------
 Current assets                                   117,667     92,002     89,220



 Investments in equity-accounted investees            245        403        245

 Other financial assets and prepayments               509      1,866      2,233

 Deferred income tax assets                        20,270     18,674     20,270

 Investment property                                  300        300        300

 Property, plant and equipment (Note 6)         1,347,212  1,349,733  1,363,485

 Intangible assets (Note 7)                        38,538     42,898     40,448
-------------------------------------------------------------------------------
 Non-current assets                             1,407,074  1,413,874  1,426,981

 TOTAL ASSETS                                   1,524,741  1,505,876  1,516,201



 LIABILITIES AND EQUITY

 Interest-bearing loans and borrowings (Note
 8)                                                94,387    130,066    111,601

 Trade and other payables                          88,885     86,951     73,477

 Derivatives                                            0          0          0

 Payables to owners                                     6          6          6

 Income tax liability                                  14         10         10

 Deferred income                                   35,631     37,901     23,253
-------------------------------------------------------------------------------
 Current liabilities                              218,923    254,934    208,347



 Interest-bearing loans and borrowings (Note
 8)                                               650,136    485,593    593,518
-------------------------------------------------------------------------------
 Derivatives                                            0          0          0

 Other liabilities                                      0          0          0
-------------------------------------------------------------------------------
 Non-current liabilities                          650,136    485,593    593,518
-------------------------------------------------------------------------------
 Total liabilities                                869,059    740,527    801,865



 Share capital (Note 9)                           314,844    314,844    314,844

 Share premium                                        663        663        663

 Reserves                                          68,934     68,666     69,854

 Retained earnings                                271,241    381,176    328,975
-------------------------------------------------------------------------------
 Equity attributable to equity holders of the
 Parent                                           655,682    765,349    714,336

 Total equity                                     655,682    765,349    714,336
-------------------------------------------------------------------------------
 TOTAL LIABILITIES AND EQUITY                   1,524,741  1,505,876  1,516,201



Consolidated statement of cash flows

                                                                Jan-Jun Jan-Jun
 Unaudited, in thousands of EUR                 Q2 2021 Q2 2020    2021    2020
-------------------------------------------------------------------------------


 CASH FLOWS FROM OPERATING ACTIVITIES

 Net loss for the period                        -24,327 -27,371 -58,758 -57,569

 Adjustments                                     28,153  29,084  56,376  58,471

 Changes in:

 Receivables and prepayments related to
 operating activities                            -5,790   9,649  -9,097  11,294

 Inventories                                     -6,048   2,417  -6,902     220

 Liabilities related to operating activities     37,890  -9,782  26,076  -7,545
-------------------------------------------------------------------------------
 Changes in assets and liabilities               26,052   2,284  10,077   3,969

 Cash generated from operating activities        29,878   3,997   7,695   4,871

 Income tax repaid/paid                             -37     -33     -76     -20
-------------------------------------------------------------------------------
 NET CASH FROM OPERATING ACTIVITIES              29,841   3,964   7,619   4,851



 CASH FLOWS FROM INVESTING ACTIVITIES

 Purchase of property, plant, equipment and
 intangible assets (Notes 6, 7)                  -3,114 -14,344  -7,315 -41,414

 Proceeds from disposals of property, plant,
 equipment                                            7       3      14      47

 Proceeds from other financial assets                 0       0       0       0

 Interest received                                    1       0       1       1
-------------------------------------------------------------------------------
 NET CASH USED IN INVESTING ACTIVITIES           -3,106 -14,341  -7,300 -41,366



 CASH FLOWS FROM FINANCING ACTIVITIES

 Proceeds from loans received (Note 8)                0       0       0  15,000

 Repayment of loans received (Note 8)                 0       0 -14,667 -14,667

 Repayment of bonds (Note 8)                          0       0       0       0

 Change in overdraft (Note 8)                     2,752  19,747  40,333  32,005

 Payments for settlement of derivatives               0       0       0       0

 Payment of lease liabilities (Note 8)           -2,480    -999  -6,705  -4,914

 Interest paid                                   -3,953  -2,941  -9,097  -7,689

 Payment of transaction costs related to loans        0       0    -201    -205
-------------------------------------------------------------------------------
 Dividends paid (Note 10)                             0       0       0       0

 Reduction of share capital                           0       0       0       0

 Income tax on dividends paid                         0       0       0       0
-------------------------------------------------------------------------------
 NET CASH FROM/USED IN FINANCING ACTIVITIES      -3,681  15,807   9,663  19,530



 TOTAL NET CASH FLOW                             23,054   5,430   9,982 -16,985
-------------------------------------------------------------------------------


 Cash and cash equivalents at the beginning of
 period                                          14,762  16,462  27,834  38,877

 Change in cash and cash equivalents             23,054   5,430   9,982 -16,985
-------------------------------------------------------------------------------
 Cash and cash equivalents at the end of period  37,816  21,892  37,816  21,892



Joonas Joost
Financial director

AS Tallink Grupp
Sadama 5
10111 Tallinn, Estonia
E-mail [email protected]