Market announcement
AS Tallink Grupp
LEI code
529900QRMWAKKR3L9W75
Size of the entity
Large group
Economic activities
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles, Transportation and Storage, Accommodation and Food Service Activities, Administrative and Support Service Activities
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
9493
Attachments
Submission date and time
28.04.2022 09:30:00
Content of announcement in Estonian
Title
AS-i Tallink Grupp 2022 majandusaasta auditeerimata konsolideeritud I kvartali vahearuanne
Message
AS-i Tallink Grupp 2022. aasta esimese kvartali tulemusi tutvustatakse täna kell 15:00 algaval inglise keelsel veebiseminaril. Veebiseminariga ühinemine käesoleval lingil; (https://www.globenewswire.com/Tracker?data=1469bwsqb01LtmWD3C82r7OXhW8bRDiJGZV6 WSxBTv20D1GEN_e5B94bhzCV6kEbxKpA1I4Ov- 9a0-69TmyK_5x19StCMufX-2vHkQFFCM2_M1L33Sfcn1BUCC1MUYk-Fvfq- S2UMCqrKirB2lW7ZuUpf6GzENgHzIkpMbPgNpJUksu0uB9Z444BDp6iJvOwJop- xYvS4rl8AXBiBgCBDiDNECTA_gjqb1E3wWkGpgqUEivS0q8YRCxOwOwPOXAjK11ywla027lmYWH6yVEw gn7IPyFMOTWQaQZLOefB5SbfgbMYv- uYHOBssCv_g3xWTThTrT3KRtrsmnQJLJa9Cy8cY400HC7fFGdcZDst01dW2TI8VhuzgajyOIOs_Yv_bL mL6vD8J7cIhvocYBYmXwJqVXF6wwk7npW-Ghl9hK4=) küsimused palume saata hiljemalt kella 12:00-ks e-kirja teel: [email protected] (mailto:[email protected]). Täiendav info varasemalt avalikustatud börsiteates (https://view.news.eu.nasdaq.com/view?id=b3fb0732d0d185cacf335fb9fd9b60940&lang= et). Tallink Grupp AS ja tema tütarettevõtted (edaspidi "kontsern") vedasid 2022. aasta esimeses kvartalis (1. jaanuar - 31. märts) kokku 720 261 reisijat, mida on 169,5% võrra rohkem kui eelmise aasta esimeses kvartalis. Veetud kaubaveoühikute arv suurenes eelmise aastaga võrreldes 19,7% võrra. Kontserni auditeerimata müügitulu suurenes 97,5% ehk 52,4 miljoni euro võrra 106,1 miljoni euroni. Auditeerimata kulumieelne ärikasum (EBITDA) oli -11,0 miljonit eurot (2021. aasta I kvartalis -6,3 miljonit eurot) ja auditeerimata puhaskahjum oli 40,0 miljonit eurot (2021. aasta I kvartali puhaskahjum oli 34,4 miljonit eurot). Kvartali alguses mõjutas kontserni tegevust ja tulemusi jätkuvalt kõigil koduturgudel COVID-19 Omikroni tüvest tingitud olukord. Nõudlus reisimise järgi kasvas peale reisipiirangute kaotamist veebruaris Soomes ja Rootsis ning Eestis alates märtsi keskpaigast. Sellegipoolest mõjutas nõudlust negatiivselt veebruari lõpus alanud geopoliitiline ja sõjaline konflikt. Tulemusi mõjutasid järgmised äritegevusega seotud tegurid: * kvartali jooksul opereerisid 2 shuttle-laeva, 3 kaubalaeva, 3 kruiisilaeva ja 3 hotelli piiratud mahus; * 3 kruiisilaeva opereerisid piiratud mahus, nendest 2 alustasid opereerimist kvartali lõpus; * kruiisilaeva Romantika pikaajaline prahtimine märtsi lõpust; * kaheksa laeva planeeritud hooldustööd, mis kestsid kokku 98 päeva; * ülemaailmse kütusehinna järsk ning märkimisväärne tõus; * reisipiirangute leevenemine Rootsis, Soomes ja Eestis; * kulude kokkuhoid varasemalt rakendatud meetmetest. Tegevused kvartali jooksul Arvestades ebakindlust kriisi kestuse ja kriisijärgse taastumise osas ning vaktsineerimiste arenguid, kui ka arenguid geopoliitilise ja sõjalise konflikti osas, on ettevõtluskeskkond endiselt keeruline. Praeguses olukorras keskendub kontsern jätkuvalt kulude ja rahavoogude juhtimisele ning oma põhitegevuse jätkusuutlikkuse tagamisele. Kruiisilaeva Baltic Queen opereerimine Tallinn-Stockholm liinil oli ligi kuuks ajaks peatatud kvartali jooksul. Kruiisilaev Baltic Queen tegi 5 edasi-tagasi reisi Tallinn-Helsingi liinil asendades shuttle-laeva Megastar. Kruiisilaeva Silja Europa opereerimine oli esimeses kvartalis valdavalt peatatud, välja arvatud 4 edasi-tagasi reisi Tallinn-Helsingi liinil asendades shuttle-laeva Star. Kruiisilaev Romantika prahiti alates märtsist pikaajalise prahilepingu alusel. Kruiisilaev Silja Serenade, mille opereerimine oli valdavalt kvartali jooksul peatatud, naases liinile märtsi lõpust. Riia-Stockholmi liini kui ka kruiisilaeva Victoria I opereerimine oli kvartali jooksul peatatud. Tallink City Hotel, Tallink Spa & Conference Hotel ja Tallink Express Hotel opereerisid kõik esimeses kvartalis. Tallink Hotel Riga on alates 2020. aasta oktoobrist suletud. Eesti-Soome liinide shuttle-laevad Megastar ja Star, kaubalaev Sea Wind, Paldiski-Kapellskäri liini kaubalaevad Regal Star ja Sailor ning kolm Soome- Rootsi liinide kruiisilaeva jätkasid opereerimist tavapäraselt läbivalt terves kvartalis. Müügitulu ja segmendid 2022. aasta esimeses kvartalis suurenes kontserni kogu müügitulu 52,4 miljoni euro võrra 106,1 miljoni euroni. 2021. aasta esimeses kvartalis oli kogu müügitulu 53,7 miljonit eurot ja 2020. aastal 154,9 miljonit eurot. Laevaliinide opereerimise müügitulu (põhitegevus) suurenes 46,8 miljoni euro võrra 91,4 miljoni euroni. Reisijateveole ja kõikide liinide segmendi tulemile avaldas märkimisväärset mõju jätkuv COVID-19 viirusest tulenev olukord. Eesti-Soome vahelistel laevaliinidel veetud reisijate arv suurenes 112,4% võrra võrreldes eelmise aasta sama perioodiga. Veetud kaubaveoühikute maht suurenes 21,5% võrra. Eesti-Soome liinide müügitulu suurenes 16,6 miljoni euro võrra ja oli 41,3 miljonit eurot. Segmendi tulem paranes 3,6 miljoni euro võrra -1,4 miljoni euroni. Eesti-Soome segment kajastab sisuliselt kahe shuttle-laeva ning ühe kaubalaeva opereerimist kui ka kruiisilaeva Silja Europa seisukulusid. Soome-Rootsi vahelistel laevaliinidel veetud reisijate arv suurenes eelmise aasta sama perioodiga võrreldes 310,0% võrra. Transporditud kaubaveoühikute maht suurenes 11,2% võrra. Soome-Rootsi liinide müügitulu suurenes 22,8 miljoni euro võrra ning oli 37,6 miljonit eurot. Segmendi tulem vähenes 0,5 miljoni euro võrra -13,8 miljoni euroni. Soome-Rootsi segment kajastab Turu-Stockholmi ja Helsingi-Stockholmi liini opereerimist. Eesti-Rootsi vahelistel laevaliinidel suurenes veetud reisijate arv 544,8% võrra eelmise aasta sama perioodiga võrreldes. Transporditud kaubaveoühikute maht suurenes 23,4% võrra. Eesti-Rootsi liinide müügitulu suurenes 7,4 miljoni euro võrra 12,3 miljoni euroni ning segmendi tulem vähenes 3,6 miljoni euro võrra -6,8 miljoni euroni. Eesti-Rootsi segmendis kajastuvad kahe kaubalaeva ja ühe kruiisilaeva opereerimine kui ka kruiisilaeva Victoria I seisukulud. Läti-Rootsi liini opereerimine oli peatatud. Segmendi tulem oli -5,0 miljonit eurot, mis kajastab kruiisilaevade Isabelle kui ka Romantika seisukulusid enne prahtimisperioodi algust. Muu segmendi müügitulu suurenes kokku 6,0 miljoni euro võrra ja oli 15,2 miljonit eurot. Kasvu tingisid peamiselt majutustulu, erinevad jaemüügitegevused ning vähemal määral prahtimisega seotud tulu. Kasum Kontserni esimese kvartali brutokasum suurenes eelmise aasta sama perioodiga võrreldes 75 tuhande euro võrra ja oli -19,9 miljonit eurot. EBITDA vähenes 4,6 miljoni euro võrra ja moodustas -11,0 miljonit eurot. Esimeses kvartalis moodustasid erinevad kontserni koduturgudelt saadud toetused netosummas kokku 3,5 miljonit eurot (5,0 miljonit eurot 2021. aasta esimeses kvartalis). Kvartali jooksul kehtis Eestis soodustus laevade veeteetasu maksmisel, mille mõju oli 0,5 miljonit eurot (1,1 miljonit eurot 2021. aasta esimeses kvartalis). Kontserni varade amortisatsioonikulu esimeses kvartalis oli 23,7 miljonit eurot (23,7 miljonit eurot 2021. aastal). Tulenevalt intressikandvate võlakohustuste suurenemisest, suurenesid netofinantskulud eelmise aasta esimese kvartaliga võrreldes 1,0 miljoni euro võrra. Kontserni auditeerimata puhaskahjum oli 2022. aasta esimeses kvartalis 40,0 miljonit eurot ehk 0,054 eurot aktsia kohta. 2021. aasta samal perioodil oli puhaskahjum 34,4 miljonit eurot ehk 0,051 eurot aktsia kohta ning 2020. aasta esimeses kvartalis oli puhaskahjum 30,2 miljonit eurot ehk 0,045 eurot aktsia kohta. Investeeringud 2022. aasta esimeses kvartalis moodustasid kontserni investeeringud 8,9 miljonit eurot. Esimeses kvartalis läbisid planeeritud hoolduse kaheksa laeva: Megastar, Baltic Queen, Victoria I, Regal Star, Isabelle, Star, Silja Europa ja Romantika. 2022. aasta esimeses kvartalis kestsid kaheksa laeva planeeritud hooldustööd kokku 98 päeva. Tulenevalt muutunud majanduslikust olukorrast ning laevade operatsioonide peatamisest olid laevadega seotud investeeringud viidud miinimumini ning teostati vältimatuid hooldus- ja remonditöid. Lisaks tehti investeeringuid veebipõhiste broneerimis- ja müügisüsteemide ning teiste administratiivsüsteemide arendamisse. Samuti seoses Burger King restoranide avamisega. Dividendid Tulenevalt keerulisest tegevuskeskkonnast ning ettevõtte pikaajalisi huve silmas pidades on juhatus otsustanud teha aktsionäride korralisele üldkoosolekule ettepaneku 2021. aasta eest dividende mitte maksta. Finantsseisund 2021. aasta teise kvartali lõpuks leppis kontsern laenuandjatega kokku laenude eritingimuste muutmise ja nende ajutise tühistamise pikendamise ja olemasolevate laenulepingute põhiosamaksete edasilükkamise. Alates 2021. aasta teisest kvartalist kuni 2022. aasta esimese kvartali lõpuni planeeritud graafikujärgsed laenude põhiosa tagasimaksed, kokku summas 82,1 miljonit eurot liidetakse iga vastava laenu viimasele maksele. Edasi lükatud maksete summa 2021. majandusaastal oli 67,4 miljonit eurot. Kontserni netovõlg vähenes esimeses kvartalis 25,0 miljoni euro võrra võrreldes eelmise aasta sama perioodiga ja oli kokku 688,5 miljonit eurot. Seisuga 31. märts 2022 oli kontsernil raha ja raha ekvivalente kokku 101,0 miljonit eurot (31. märtsil 2021 14,8 miljonit eurot) ja kasutamata arvelduskrediiti 123,4 miljonit eurot (31. märtsil 2021 81,7 miljonit eurot). Esimese kvartali lõpus moodustasid kontserni likviidsed vahendid (raha ja raha ekvivalendid ning kasutamata arvelduskrediit) 224,4 miljonit eurot (31. märtsil 2021 96,4 miljonit eurot). Lühiajalised võlad tarnijatele ja muud võlad ulatusid kokku 84,6 miljoni euroni (31. märtsil 2021 61,9 miljonit eurot). Personal Seisuga 31. märts 2022 töötas kontsernis 4 740 töötajat (31. märtsil 2021: 3 953). Töötajate arv sisaldab ka 181 lapsehoolduspuhkusel viibivat töötajat. 2022. aasta esimeses kvartalis moodustasid personalikulud kokku 32,9 miljonit eurot (2021. aastal 23,4 miljonit eurot), mis on 40,6% võrra rohkem võrreldes sama perioodiga eelmisel aastal*. Efektiivne muutus võrreldes eelmise aasta esimese kvartaliga oli 16,2%. 2022. aasta esimeses kvartalis ei saanud kontsern valitsustelt palgatoetust. *Personalikulusid eelmise aasta esimeses kvartalis mõjutas Eesti valitsuse palgatoetus summas 2,0 miljonit eurot, mis maksti otse töötajatele märtsis. Lisaks oli osaliselt Eesti ja Läti personali töökoormus- ja tasu vähendatud 70%- le, enamus Soome personalist palgata puhkusel, enamus Rootsi personalil oli töökoormust vähendatud kuni 20%-ni ja kuni 80% nende palgast hüvitas Rootsi valitsus. Rootsi valitsuse palgatoetus eelmise aasta esimeses kvartalis moodustas kokku 2,9 miljonit eurot ning kajastati muu äritulu koosseisus. Majanduskeskkond Kontsern on kõige tundlikum Soome, Rootsi ja Eesti majandusolude ning reisipiirangute arengute suhtes. 2022. aasta esimeses kvartalis mõjutas kontserni majanduskeskkonda jätkuvalt COVID-19 pandeemia. Esimeses kvartalis püsis kaubaveoäri stabiilsena, mida toetas ettevõtete jätkuvalt tugev kindlustunne kõikidel koduturgudel. Siiski osutas kaubaveoturul valitsev tihe hinnakonkurents rohkelt väljakutseid. Vaatamata reisipiirangute leevenemisele kontserni koduturgudel, langes kõigi koduturgude tarbijate kindlustunne kvartali jooksul. Samuti mõjutas kindlustunnet negatiivselt geopoliitiline ja sõjaline konflikt Euroopas. Viimane aitas oluliselt kaasa ka ülemaailmsete kütusehindade kiirele tõusule. 2022. aasta esimeses kvartalis suurenes eurodes mõõdetud ja kontserni tarbimismahtudega kaalutud kütuse hind aastatagusega võrreldes keskmiselt 129%. Sama perioodiga võrreldes tõusis kontserni kütusekulu 153%, või 17,1 miljoni euro võrra, mis oli tingitud peamiselt kütuse hindade tõusust. Vaktsineerituse kõrge tase kui ka uute nakatumiste vähenemine nii Soomes kui ka Rootsis tingis valitsuste otsuse reisipiirangute leevendamise osas alates veebruarist. Alates märtsist leevendati reisipiiranguid ka Eestis. See omakorda suurendas ka nõudlust reisimise osas, mis väljendus ka järgnevateks perioodideks tehtud broneeringute kasvus. Lähituleviku suurimad riskid on seotud COVID-19 pandeemia kulgemisega kui ka käimasoleva geopoliitilise ja sõjalise konfliktiga ning nende mõjuga majanduskeskkonnale. Sündmused I kvartalis Burger King restoranide avamine Jaanuaris 2022 avati üks uus Burger King restoran Lätis. Kontsern jätkab ettevalmistustega uute Burger Kingi restoranide avamiseks 2022. aastal. Reisipiirangute leevenemine kontserni koduturgudel Alates 2022. aasta veebruarist leevendati reisipiiranguid kontserni koduturgudel Soomes ja Rootsis, alates märtsist ka Eestis, mis aitas kaasa uute broneeringute arvu kasvule. Kompromiss AS-iga Tallinna Sadam kohtuvaidluse lõpetamiseks AS Tallink Grupp ja AS Tallinna Sadam sõlmisid 11. veebruaril 2022 kompromissi, mille kohtulikul kinnitamisel lõpetatakse pooltevaheline Vanasadamas reisilaevadele pakutavate sadamateenuste tasusid puudutav kohtuvaidlus, AS Tallink Grupp loobub kõikidest kohtuvaidluses esitatud nõuetest AS-i Tallinna Sadama vastu ning AS Tallinna Sadam muudab tulevikus Vanasadamat külastavatele regulaarliine sõitvatele reisilaevadele kohaldatavaid sadamatasusid. Geopoliitiline ja sõjaline konflikt Euroopas Veebruari lõpus alanud geopoliitiline ja sõjaline konflikt Euroopas avaldab eeldatavasti negatiivset mõju nõudlusele teatavates kliendirühmades - peamiselt kliendid konfliktis vahetult osalevatest riikidest ja Aasia riikidest. Samuti esineb mõningate sisendihindade, eelkõige kütuse ja toorme hinnatõusu risk. Konflikti potentsiaalse mõju täpset suurust ja kestust hinnata on raske. Romantika pikaajaline väljaprahtimine Märtsi lõpus prahiti kruiisilaev Romantika välja rahvusvahelistele liinidele Norra ja Hollandi vahel kolmeks aastaks koos pikendamisvõimalustega (3+1+1). Sündmused pärast aruandekuupäeva ja tulevikuväljavaade Kruiisilaeva Isabelle lühiajaline prahtimine Aprilli alguses sõlmis kontsern lühiajalise prahilepingu kruiisilaeva Isabelle jaoks, et pakkuda Eestisse saabuvatele põgenikele ajutist majutust. Kruiisilaev prahiti Eesti ametivõimudele alates 7. aprillist 2022 neljaks kuuks koos pikendusvõimalustega (4+2+2). Tulenevalt kruiisilaevade Romantika ja Isabelle väljaprahtimisest ei opereeri kontsern käesoleval aastal Riia-Stockholm liini. Kaubalaeva Sea Wind müük 2022. aasta aprillis võõrandas kontsern Muuga-Vuosaari liinil sõitnud kaubalaeva Sea Wind, liinil hakkab edaspidi opereerima kaubalaev Regal Star. Uue kahekütuseliste mootoritega kiirlaeva MyStar valmimine Rauma laevatehases valmiva uue kahekütuseliste (LNG, MGO) mootoritega kiirlaeva MyStar oodatav üleandmine ja Tallinn-Helsingi liinil opereerimise alustamine toimub 2022. aasta kolmandas kvartalis. Tulud Kontserni tulud ei ole kuust kuusse samad. Tegevuse kõrghooaeg on suvi. Juhatuse hinnangul, mis põhineb varasemate majandusaastate kogemustel, teenib kontsern valdava osa oma tuludest ja kasumist suvekuudel (juunist augustini). Vaatamata ebakindlusele majanduskeskkonna arengute osas ootab kontserni juhatus reisijate arvu kiiremat taastumist 2022. aasta teisest kvartalist. Uurimis- ja arendusprojektid Tallink Grupp AS-il ei ole hetkel käsil märkimisväärseid teadus- ja arendusprojekte. Kontsern otsib igapäevaselt võimalusi tegevuse laiendamiseks ja ettevõtte tulemuste parandamiseks. Kontsern otsib pidevalt innovaatilisi võimalusi oma laevade ja ka reisijateala tehnoloogiate uuendamiseks, et parandada ettevõtte üldisi majandustulemusi tänapäevaste lahenduste abil. Viimased tehnilised projektid keskenduvad laevade CO-2 jalajälje vähendamise lahendustele. Riskid Mitmesugused riskid võivad kontserni äritegevust, finantsseisundit ja majandustulemusi oluliselt mõjutada. Sellised riskid pole aga ainsad võimalikud ohud. Kontserni võivad mõjutada ka riskid ja asjaolud, mida praegu peame ebaolulisteks või ebatõenäolisteks. Allpool on loetletud riskitegurid, mille järjestus ei väljenda nende realiseerumise tõenäosust ega võimalikku mõju kontserni äritegevusele: * Pikka aega kestev geopoliitiline ja sõjaline konflikt Euroopas * COVID-19-st põhjustatud olukord ja arengud; * õnnetused, katastroofid; * makromajanduslikud ja tööturu sündmused; * õigusaktide muudatused; * suhted ametiühingutega; * kütusehindade ja intressimäärade tõus; * turu- ja kliendikäitumine. Põhinäitajad (Perioodi kohta) (I KV 2022) (I KV 2021) (Muutus %) ------------------------------------------------------------------------------- (Müügitulu (miljonites eurodes)) (106.1) (53.7) (97.5%) (Brutokasum/-kahjum (miljonites eurodes)) (-19.9) (-20.0) (0.4%) (EBITDA¹ (miljonites eurodes)) (-11.0) (-6.3) (-73.6%) (EBIT¹ (miljonites eurodes)) (-34.6) (-30.0) (-15.5%) (Aruandeperioodi puhaskahjum (miljonites eurodes)) (-40.0) (-34.4) (-16.1%) (Amortisatsioon (miljonites eurodes)) (23.7) (23.7) (0.0%) (Investeeringud¹ ² (miljonites eurodes)) (8.9) (4.2) (111.8%) (Aktsiate kaalutud keskmine arv) (743,569,064) (669,882,040) (11.0%) (Kasum/kahjum aktsia kohta¹) (-0.054) (-0.051) (-4.6%) (Reisijate arv) (720,261) (267,224) (169.5%) (Kaubaveoühikute arv) (101,938) (85,156) (19.7%) (Keskmine töötajate arv) (4,634) (3,986) (16.3%) (Perioodi lõpu seisuga) (31.03.2022) (31.12.2021) (Muutus %) ------------------------------------------------------------------------------- (Varad kokku (miljonites eurodes)) (1,560.2) (1,585.9) (-1.6%) (Kohustused kokku (miljonites eurodes)) (907.6) (893.4) (1.6%) (Intressikandvad kohustused (miljonites eurodes)) (789.5) (779.9) (1.2%) (Netovõlg¹ (miljonites eurodes)) (688.5) (652.4) (5.5%) (Netovõla ja EBITDA suhe¹) (12.8) (11.2) (14.7%) (Omakapital kokku (miljonites eurodes)) (652.5) (692.5) (-5.8%) (Omakapitali määr¹ (%)) (42%) (44%) (Lihtaktsiate arv) (743,569,064) (743,569,064) (0.0%) (Omakapital aktsia kohta¹) (0.88) (0.93) (-5.8%) (Suhtarvud¹) (I KV 2022) (I KV 2021) ------------------------------------------------------------------------------- (Brutokasumi/-kahjumi marginaal (%)) (-18.7%) (-37.2%) (EBITDA marginaal (%)) (-10.3%) (-11.7%) (EBIT marginaal (%)) (-32.6%) (-55.8%) (Puhaskasumi/-kahjumi marginaal (%)) (-37.7%) (-64.1%) (ROA (%)) (-2.7%) (-6.4%) (ROE (%)) (-9.2%) (-15.2%) (ROCE (%)) (-3.3%) (-7.6%) (1) ESMA juhenditele vastavad alternatiivsed tulemuslikkusnäitajad on esitatud vahearuande osas Alternatiivsed tulemuslikkusnäitajad. (2) Ei sisalda kasutusõiguse varade lisandumisi. EBITDA: finantstulude ja -kulude, kapitaliosaluse meetodil kajastatud investeeringuobjektide kasumi osa, maksu- ja kulumieelne kasum EBIT: kasum äritegevusest Aktsiakasum: puhaskasum või -kahjum / kaalutud keskmine aktsiate arv Omakapitali määr: omakapital kokku / varad kokku Omakapital aktsia kohta: omakapital / aktsiate arv Brutokasumi marginaal: brutokasum / müügitulu EBITDA marginaal: EBITDA / müügitulu EBIT marginaal: EBIT / müügitulu Puhaskasumi marginaal: puhaskasum või -kahjum / müügitulu Investeeringud: materiaalse põhivara ostud ja parendused - kasutusõiguse varade lisandumised + immateriaalse põhivara ostud ja parendused ROA: jooksva 12 kuu finantstulude ja -kulude ning maksude eelne kasum / keskmine koguvara ROE: jooksva 12 kuu puhaskasum / keskmine omakapital ROCE: jooksva 12 kuu finantstulude ja -kulude ning maksude eelne kasum/(koguvara - lühiajalised kohustused (perioodi keskmine)) Netovõlg: intressikandvad kohustused - raha ja raha ekvivalendid Netovõla ja EBITDA suhe: netovõlg / jooksva 12 kuu EBITDA Konsolideeritud kasumi- ja muu koondkasumi aruanne (Auditeerimata, tuhandetes eurodes) (I KV 2022) (I KV 2021) ------------------------------------------------------------------------------- (Müügitulu (lisa 3)) (106,143) (53,746) (Müüdud kaupade ja teenuste kulud) (-126,043) (-73,721) ------------------------------------------------------------------------------- (Brutokasum/-kahjum) (-19,900) (-19,975) (Müügi- ja turunduskulud) (-7,329) (-5,073) (Üldhalduskulud) (-11,128) (-9,956) (Muud äritulud) (3,734) (5,038) (Muud ärikulud) (-5) (-13) ------------------------------------------------------------------------------- (Kasum/kahjum äritegevusest) (-34,628) (-29,979) (Finantstulud (lisa 4)) (39) (5) (Finantskulud (lisa 4)) (-5,698) (-4,677) ------------------------------------------------------------------------------- (Kasum/kahjum enne tulumaksu) (-40,287) (-34,651) (Tulumaks) (298) (220) (Aruandeperioodi puhaskasum/-kahjum) (-39,989) (-34,431) (Emaettevõtte omanikele kuuluv aruandeperioodi puhaskasum/ -kahjum) (-39,989) (-34,431) (Muu koondkasum/-kahjum) (Kirjed mida võidakse edaspidi ümber klassifitseerida kasumiaruandesse) (Välismaiste äriüksuste ümberarvestusel tekkinud valuutakursivahed) (-1) (174) ------------------------------------------------------------------------------- (Perioodi muu koondkasum/-kahjum kokku) (-1) (174) (Perioodi koondkasum/-kahjum kokku) (-39,990) (-34,257) (Emaettevõtte omanikele kuuluv perioodi koondkasum/- kahjum kokku) (-39,990) (-34,257) (Kasum/kahjum aktsia kohta (eurodes, lisa 5)) (-0.054) (-0.051) ------------------------------------------------------------------------------- Konsolideeritud finantsseisundi aruanne (Auditeerimata, tuhandetes eurodes) (31.03.2022) (31.03.2021) (31.12.2021) ------------------------------------------------------------------------------- (VARAD) (Raha ja raha ekvivalendid) (100,977) (14,762) (127,556) (Nõuded ostjate vastu ja muud nõuded) (30,622) (25,680) (29,298) (Ettemaksed) (15,441) (12,491) (11,924) (Tulumaksu ettemakse) (0) (25) (0) (Varud) (41,048) (29,561) (34,631) ------------------------------------------------------------------------------- (Käibevara) (188,088) (82,519) (203,409) (Kapitaliosaluse meetodil kajastatud investeeringud) (165) (245) (165) (Muud finantsvarad ja ettemaksed) (2,817) (508) (555) (Edasilükkunud tulumaksu vara) (21,840) (20,270) (21,840) (Kinnisvarainvesteeringud) (300) (300) (300) (Materiaalne põhivara (lisa 6)) (1,311,910) (1,349,398) (1,323,353) (Immateriaalne vara (lisa 7)) (35,047) (39,267) (36,293) ------------------------------------------------------------------------------- (Põhivara) (1,372,079) (1,409,988) (1,382,506) (VARAD KOKKU) (1,560,167) (1,492,507) (1,585,915) (KOHUSTISED JA OMAKAPITAL) (Intressikandvad võlakohustised (lisa 8)) (272,159) (149,511) (244,436) (Võlad tarnijatele ja muud võlad) (84,625) (61,886) (91,687) (Võlad omanikele) (6) (6) (6) (Tulumaksukohustis) (47) (10) (47) (Ettemakstud tulud) (33,508) (22,238) (21,734) ------------------------------------------------------------------------------- (Lühiajalised kohustised) (390,345) (233,651) (357,910) (Intressikandvad võlakohustised (lisa 8)) (517,296) (578,777) (535,489) ------------------------------------------------------------------------------- (Pikaajalised kohustised) (517,296) (578,777) (535,489) ------------------------------------------------------------------------------- (Kohustised kokku) (907,641) (812,428) (893,399) (Aktsiakapital (lisa 9)) (349,477) (314,844) (349,477) (Ülekurss) (663) (663) (663) (Reservid) (67,417) (69,516) (67,930) (Jaotamata kasum) (234,969) (295,056) (274,446) ------------------------------------------------------------------------------- (Emaettevõtja omanikele kuuluv omakapital) (652,526) (680,079) (692,516) (Omakapital kokku) (652,526) (680,079) (692,516) ------------------------------------------------------------------------------- (KOHUSTUSED JA OMAKAPITAL KOKKU) (1,560,167) (1,492,507) (1,585,915) Konsolideeritud rahavoogude aruanne (Auditeerimata, tuhandetes eurodes) (I KV 2022) (I KV 2021) ------------------------------------------------------------------------------- (RAHAVOOD ÄRITEGEVUSEST) (Aruandeperioodi puhaskasum/-kahjum) (-39,989) (-34,431) (Korrigeerimised) (29,037) (28,223) (Muutused:) (Äritegevusega seotud nõuetes ja ettemaksetes) (-6,462) (-3,307) (Varudes) (-6,417) (-854) (Äritegevusega seotud kohustistes) (5,561) (-11,814) ------------------------------------------------------------------------------- (Muutused varades ja kohustistes) (-7,318) (-15,975) (Äritegevusest teenitud raha) (-18,270) (-22,183) (Saadud/makstud tulumaks) (-41) (-39) ------------------------------------------------------------------------------- (RAHAVOOD ÄRITEGEVUSEST KOKKU) (-18,311) (-22,222) (RAHAVOOD INVESTEERIMISTEGEVUSEST) (Materiaalse põhivara ja immateriaalse vara soetamine (lisad 6, 7)) (-8,891) (-4,201) (Laekumised materiaalse põhivara müügist) (41) (7) (Saadud intressid) (1) (0) ------------------------------------------------------------------------------- (RAHAVOOD INVESTEERIMISTEGEVUSEST KOKKU) (-8,849) (-4,194) (RAHAVOOD FINANTSEERIMISTEGEVUSEST) (Laenude tagasimaksed (lisa 8)) (0) (-14,667) (Arvelduskrediidi muutus (lisa 8)) (11,431) (37,581) (Rendimaksete tasumine (lisa 8)) (-4,215) (-4,225) (Makstud intressid) (-6,332) (-5,144) (Laenudega seotud tehingukulude tasumine) (-303) (-201) ------------------------------------------------------------------------------- (RAHAVOOD FINANTSEERIMISTEGEVUSEST KOKKU) (581) (13,344) (RAHAVOOD KOKKU) (-26,579) (-13,072) ------------------------------------------------------------------------------- (Raha ja raha ekvivalendid perioodi alguses) (127,556) (27,834) (Raha ja raha ekvivalentide muutus) (-26,579) (-13,072) ------------------------------------------------------------------------------- (Raha ja raha ekvivalendid perioodi lõpus) (100,977) (14,762) Joonas Joost Finantsdirektor AS Tallink Grupp Sadama 5 10111 Tallinn E-mail [email protected] Küsimused palume saata enne veebiseminari toimumist hiljemalt 28. aprillil kella 12:00-ks e-kirja teel: [email protected] (https://www.globenewswire.com/Tracker?data=XvRCa2LA1zO7K351- IhEl6sViJSyCZiu9D3eMPrzdLfNeKAFTDrh_bCKDiwvqzaz15PqI3x9TktP0Ujm0lobIMZjXpql9szu2 3gKxBAxBUw=)
Content of announcement in English
Title
AS Tallink Grupp Unaudited Consolidated Interim Report Q1 2022
Message
The Q1 2022 results of AS Tallink Grupp will be introduced at an Investor Webinar held today at 15:00 (EEST). To participate, please join via the following link; (https://www.globenewswire.com/Tracker?data=lkiOGiDoonkyO1ygghA1as7Sg5ABnWkeMVlR fBvSCk0rNMm5UvVjdxSk2NQhNXXbgMkmn5Gbdx2kcOWPvGK028w- lfK8IhU3tJ1lMRneQIbCpPvNNJSIuXNCnHcqVVnPn40ryKhJ-jUS1CiaY3GdKAaILd_v0N0J6J- 3TFnlauasT64xcFaIRZ-IVdlc24kEOIU9Q1SYV3Qzzsh6V4hl0FX8_UUjkWD9pcqB5p6NifD_N6dj- qcL_Mw8RI2Dzivummw5uBcnMiERIMVSRW7rTjRvxeMpPWJuUID9oFT04W3ASJjp7qSntsCe- VxQKnjdDlUNjVeMdlurs2wjwAXpsYLNBa2QbQZygGT-o-xLU4xyJ1brUCNqNQc2VB4Sh3l72f9boC- 9eAECuLKOrpLugtYzsHIZjcALVIGYkACEIwM=) we kindly ask participants to provide their questions latest by 12:00 by email to: [email protected] (mailto:[email protected]). Further details available in a previously published announcement (https://view.news.eu.nasdaq.com/view?id=b3fb0732d0d185cacf335fb9fd9b60940&lang= en). In the first quarter (1 January - 31 March) of the year, Tallink Grupp AS and its subsidiaries (the Group) carried 720 261 passengers, which is 169.5% more than in the first quarter last year. The number of cargo units transported increased by 19.7% in the same comparison. The Group's unaudited consolidated revenue increased by 97.5% or EUR 52.4 million to a total of EUR 106.1 million. Unaudited EBITDA was EUR -11.0 million (EUR -6.3 million in Q1 2021) and unaudited net loss was EUR 40.0 million (net loss of EUR 34.4 million in Q1 2021). In the beginning of the quarter, the Group's operations and operating results were continuously influenced by the COVID-19 Omicron variant in all home markets. The demand for travelling increased after the travel restrictions were lifted in February in Finland and Sweden, and in Estonia from mid-March. However, the demand was negatively affected by the geopolitical and military conflict that emerged by the end of February. The operational factors impacting results were following: * during the quarter 2 shuttle vessels, 3 cargo vessels, 3 cruise ferries and 3 hotels were operating; * 3 cruise ferries were operated in limited capacity, of which 2 started operations in the end of the quarter; * long-term charter of cruise ferry Romantika from late March; * planned dockings of 8 vessels, totalling 98 days; * significant and rapid increase in the global fuel prices; * lifting of travel restrictions in Sweden, Finland and Estonia; * cost savings from previously implemented measures. 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, as well as developments with the geopolitical and military conflict in Europe, 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. During the quarter, operations of the cruise ferry Baltic Queen on the Tallinn- Stockholm route were suspended for about a month. Cruise ferry Baltic Queen operated 5 return trips on the Tallinn-Helsinki route replacing the shuttle vessel Megastar. Operations of the cruise ferry Silja Europa were suspended during the quarter, except for 4 return trips on Tallinn-Helsinki route replacing the shuttle vessel Star. Cruise ferry Romantika was chartered out on a long-term charter agreement from March. Operations of the cruise ferry Silja Serenade were restarted from the end of March after being suspended throughout most of the quarter. Operations of the Riga-Stockholm route as well as the cruise ferry Victoria I were suspended during the quarter. Tallink City Hotel, Tallink Spa & Conference Hotel and Tallink Express Hotel were all operating during the first quarter. Tallink Hotel Riga has remained closed since October 2020. Estonia-Finland routes' shuttle vessels Megastar and Star, cargo vessel Sea Wind, Paldiski-Kapellskär route cargo vessels Regal Star and Sailor, and the three Finland-Sweden routes' cruise ferries continued their operations throughout the quarter. Sales and segments In the first quarter of 2022, the Group's total revenue increased by EUR 52.4 million to EUR 106.1 million. Total revenue in the first quarter of 2021 and 2020 was EUR 53.7 million and EUR 154.9 million, respectively. Revenue from route operations (core business) increased by EUR 46.8 million to EUR 91.4 million. The passenger operations and segment results on all routes were still significantly affected by the COVID-19 situation. The number of passengers carried on the Estonia-Finland routes increased by 112.4% compared to last year. The number of transported cargo units increased by 21.5%. Estonia-Finland routes' revenue increased by EUR 16.6 million to EUR 41.3 million. The segment result improved by EUR 3.6 million to EUR -1.4 million. The segment effectively reflects operations of two shuttle vessels and one cargo vessel, as well as expenses of the suspended cruise ferry Silja Europa. The number of passengers carried on the Finland-Sweden routes increased by 310.0%. The number of transported cargo units increased by 11.2%. The route's revenue increased by EUR 22.8 million to EUR 37.6 million and the segment result decreased by EUR 0.5 million to EUR -13.8 million. The segment reflects the operations of Turku-Stockholm and Helsinki-Stockholm routes. On Estonia-Sweden routes' the number of passengers carried increased by 544.8% compared to last year. The number of transported cargo units increased by 23.4%. Estonia-Sweden routes' revenue increased by EUR 7.4 million to EUR 12.3 million and the segment result decreased by EUR 3.6 million to EUR -6.8 million. Estonia-Sweden route reflects operation of two cargo vessels and one cruise ferry, as well as expenses of the suspended cruise ferry Victoria I. The Latvia-Sweden route operations were suspended. The EUR -5.0 million segment result reflects the expenses of the suspended cruise ferries Isabelle as well as Romantika before the start of her charter period. Revenue from the segment other increased by a total of EUR 6.0 million and amounted to EUR 15.2 million. The increase was mainly driven by accommodation sales, various retail activities and to a lesser extent by chartering out vessels. Earnings In the first quarter of 2022, the Group's gross profit improved by EUR 75 thousand compared to the same period last year, amounting to EUR -19.9 million. EBITDA decreased by EUR 4.6 million and amounted to EUR -11.0 million. In the first quarter, the net amount of government assistance from Group's home markets was limited at EUR 3.5 million (EUR 5.0 million in first quarter of 2021). In addition, the reduction in fairway dues in Estonia amounted to EUR 0.5 million (EUR 1.1 million in first quarter of 2021). Amortisation and depreciation expense in the first quarter amounted to EUR 23.7 million (EUR 23.7 million in 2021). As a result of increased interest-bearing liabilities, net finance costs increased by EUR 1.0 million compared to the first quarter of last year. The Group's unaudited net loss for the first quarter of 2022 was EUR 40.0 million or EUR 0.054 per share compared to a net loss of EUR 34.4 million or EUR 0.051 per share in 2021 and net loss of EUR 30.2 million or EUR 0.045 per share in 2020. Investments The Group's investments in the first quarter of 2022 amounted to EUR 8.9 million. In the first quarter there were planned dockings of eight vessels: Megastar, Baltic Queen, Victoria I, Regal Star, Isabelle, Star, Silja Europa and Romantika. The planned service breaks of eight vessels totalled 98 days in the first quarter of 2022. 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 complicated operating environment and considering the Company's long- term interests, the Management Board has decided to prepare a proposal to the shareholders' annual general meeting not to pay a dividend for 2021. Financial position At the end of the second quarter of 2021, 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 were deferred and added to the last payment of each respective loan facility. The deferrals for the 2021 financial year amounted to EUR 67.4 million. At the end of the first quarter of 2022, the Group's net debt had sby EUR 25.0 million to EUR 688.5 million compared to the end of the first quarter 2021. As at 31 March 2022, the Group's cash and cash equivalents amounted to EUR 101.0 million (EUR 14.8 million at 31 March 2021) and the Group had EUR 123.4 million in unused credit lines (EUR 81.7 million at 31 March 2021). The total liquidity buffer (cash, cash equivalents and unused credit facilities) amounted to EUR 224.4 million (EUR 96.4 million at 31 March 2021). The current trade and other payables amounted to EUR 84.6 million (EUR 61.9 million at 31 March 2021). Personnel As at 31 March 2022, the Group had 4 740 employees (3 953 at 31 March 2021). The number of employees includes 181 employees on maternity leave. In the first quarter of 2022, staff costs amounted to EUR 32.9 million (EUR 23.4 million in 2021), which is an 40.6% increase compared to the same period last year*. The effective change compared to the first quarter of last year is 16.2%. In the first quarter of 2022 the Group did not receive any salary support from governments. *The staff costs in the first quarter of 2021 were impacted by salary support in total amount of EUR 2.0 million from the government of Estonia, paid directly to employees in March. In addition, the workload and remuneration of a part of Estonian and Latvian personnel was reduced to 70%, majority of Finnish personnel were on unpaid leave, workload was reduced to 20% for a large part of Swedish personnel and up to 80% was remunerated by the Swedish Government. Salary support was also paid by the government of Sweden in total amount EUR 2.9 million that was recognised as other operating income. Economic Environment The Group has the most exposure to the economic and travel restriction developments in Finland, Sweden and Estonia. In the first quarter of 2022, the Group's economic environment was still affected by the ongoing COVID-19 pandemic. In the first quarter, the cargo business remained solid supported by the continuously robust business confidence on all home markets. The market conditions regarding the price competition remained challenging. Despite some easing of travel restrictions in Group's home markets during the quarter, the confidence of consumers on all home markets declined throughout the quarter. The confidence was also negatively affected by the rise of the geopolitical and military conflict in Europe. The latter contributed significantly to the rapid increase in global fuel prices. Measured in euros and weighted with the Group's consumption volumes, the global fuel prices increased, on average, by 129% in the first quarter of 2022 compared to last year. Increase in the fuel prices was the main cause of the Group's overall fuel cost increase by 153%, or by EUR 17.1 million compared to the same period last year. High levels of vaccination together with signs of decrease in new infection rates in Finland and Sweden resulted in governments' decision to lift travel restrictions from February 2022. From March 2022, the restrictions were also lifted in Estonia. This contributed to demand for travel, which was evident in the increase in the number of bookings made for the upcoming periods. For the foreseeable future, the key risks are related to developments with the COVID-19 situation, the ongoing geopolitical and military conflict, and their impacts on the economic environment. Events in the first quarter Opening of Burger King restaurants In January 2022, one new Burger King restaurant was opened in Latvia. The Group continues preparations for opening additional Burger King restaurants in 2022. Easing of travel restrictions in Group's home markets Starting from February 2022, travel restrictions were lifted in Group's home markets in Finland and Sweden, from March 2022 in Estonia, which contributed to the increase in the number of bookings. Compromise for termination of dispute with AS Tallinna Sadam On 11 February 2022, AS Tallink Grupp and AS Tallinna Sadam concluded a settlement upon approval of which by the court, the court dispute between the parties concerning the fees of port services provided to passenger vessels at Old City Harbour is terminated, AS Tallink Grupp waives all the claims filed in the matter and AS Tallinna Sadam will amend the port fees applied to passenger vessels visiting the Old City Harbour. Geopolitical and military conflict in Europe The geopolitical and military conflict in Europe that started at the end of February is expected to have a negative impact on the demand of certain customer groups, mainly customers from the countries directly participating in the conflict and from Asian countries, together with the risk of an increase in some input prices, mainly fuel and raw materials. The exact magnitude and duration of the potential effects from the conflict remain difficult to assess. Long-term charter of Romantika In late March, the cruise ferry Romantika was chartered out for three years with extension options (3+1+1) to international routes between Norway and the Netherlands. Events after the reporting period and outlook Short-term chartering of cruise ferry Isabelle In the beginning of April, the Group signed short-term charter agreement for cruise ferry Isabelle to provide temporary accommodation for refugees arriving in Estonia. The cruise ferry was chartered out to the Estonian authorities from 7 April 2022 for four months with extension options (4+2+2). Due to the chartering out of cruise ferries Romantika and Isabelle, the Group does not intend to operate the Riga-Stockholm route in 2022. Disposal of the cargo vessel Sea Wind In April 2022, the Group disposed of the cargo vessel Sea Wind operating on the Muuga-Vuosaari route, the route will be further operated by the cargo vessel Regal Star. Completion of the new dual fuel shuttle vessel MyStar The new dual fuel (LNG, MGO) shuttle vessel, built in Rauma Shipyard, is expected to be delivered and start operating on the Tallinn-Helsinki route in the third quarter of 2022. 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). Despite the uncertainties in the outlook of the economic environment the management expects a quicker recovery in the passenger traffic from the second quarter of 2022. Research and development projects The Group 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. * Protracted geopolitical and military conflict in Europe * COVID-19 situation and developments * Governmental restrictions on business activities * Accidents, disasters * Macroeconomic and labour market 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) (Q1 2022) (Q1 2021) (Change %) ------------------------------------------------------------------------------- (Revenue (million euros)) (106.1) (53.7) (97.5%) (Gross profit/loss (million euros)) (-19.9) (-20.0) (0.4%) (EBITDA¹ (million euros)) (-11.0) (-6.3) (-73.6%) (EBIT¹ (million euros)) (-34.6) (-30.0) (-15.5%) (Net loss for the period (million euros)) (-40.0) (-34.4) (-16.1%) (Depreciation and amortisation (million euros)) (23.7) (23.7) (0.0%) (Capital expenditures¹ ²(million euros)) (8.9) (4.2) (111.8%) (Weighted average number of ordinary shares outstanding) (743,569,064) (669,882,040) (11.0%) (Earnings/loss per share¹) (-0.054) (-0.051) (-4.6%) (Number of passengers) (720,261) (267,224) (169.5%) (Number of cargo units) (101,938) (85,156) (19.7%) (Average number of employees) (4,634) (3,986) (16.3%) (As at) (31.03.2022) (31.12.2021) (Change %) ------------------------------------------------------------------------------- (Total assets (million euros)) (1,560.2) (1,585.9) (-1.6%) (Total liabilities (million euros)) (907.6) (893.4) (1.6%) (Interest-bearing liabilities (million euros)) (789.5) (779.9) (1.2%) (Net debt¹ (million euros)) (688.5) (652.4) (5.5%) (Net debt to EBITDA¹) (12.8) (11.2) (14.7%) (Total equity (million euros)) (652.5) (692.5) (-5.8%) (Equity ratio¹ (%)) (42%) (44%) (Number of ordinary shares outstanding) (743,569,064) (743,569,064) (0.0%) (Equity per share¹) (0.88) (0.93) (-5.8%) (Ratios¹) (Q1 2022) (Q1 2021) ------------------------------------------------------------------------------- (Gross margin (%)) (-18.7%) (-37.2%) (EBITDA margin (%)) (-10.3%) (-11.7%) (EBIT margin (%)) (-32.6%) (-55.8%) (Net profit/loss margin (%)) (-37.7%) (-64.1%) (ROA (%)) (-2.7%) (-6.4%) (ROE (%)) (-9.2%) (-15.2%) (ROCE (%)) (-3.3%) (-7.6%) (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 (Unaudited, in thousands of EUR) (Q1 2022) (Q1 2021) ------------------------------------------------------------------------------- (Revenue (Note 3)) (106,143) (53,746) (Cost of sales) (-126,043) (-73,721) ------------------------------------------------------------------------------- (Gross profit/loss) (-19,900) (-19,975) (Sales and marketing expenses) (-7,329) (-5,073) (Administrative expenses) (-11,128) (-9,956) (Other operating income) (3,734) (5,038) (Other operating expenses) (-5) (-13) ------------------------------------------------------------------------------- (Result from operating activities) (-34,628) (-29,979) (Finance income (Note 4)) (39) (5) (Finance costs (Note 4)) (-5,698) (-4,677) (Profit/loss before income tax) (-40,287) (-34,651) (Income tax) (298) (220) (Net profit/loss for the period) (-39,989) (-34,431) (Net profit/loss for the period attributable to equity holders of the Parent) (-39,989) (-34,431) (Other comprehensive income) (Items that may be reclassified to profit or loss) (Exchange differences on translating foreign operations) (-1) (174) ------------------------------------------------------------------------------- (Other comprehensive income for the period) (-1) (174) (Total comprehensive profit/loss for the period) (-39,990) (-34,257) (Total comprehensive profit/loss for the period attributable to equity holders of the Parent) (-39,990) (-34,257) (Profit/loss per share (in EUR, Note 5)) (-0.054) (-0.051) ------------------------------------------------------------------------------- Consolidated statement of financial position (Unaudited, in thousands of EUR) (31.03.2022) (31.03.2021) (31.12.2021) ------------------------------------------------------------------------------- (ASSETS) (Cash and cash equivalents) (100,977) (14,762) (127,556) (Trade and other receivables) (30,622) (25,680) (29,298) (Prepayments) (15,441) (12,491) (11,924) (Prepaid income tax) (0) (25) (0) (Inventories) (41,048) (29,561) (34,631) ------------------------------------------------------------------------------- (Current assets) (188,088) (82,519) (203,409) (Investments in equity-accounted investees) (165) (245) (165) (Other financial assets and prepayments) (2,817) (508) (555) (Deferred income tax assets) (21,840) (20,270) (21,840) (Investment property) (300) (300) (300) (Property, plant and equipment (Note 6)) (1,311,910) (1,349,398) (1,323,353) (Intangible assets (Note 7)) (35,047) (39,267) (36,293) ------------------------------------------------------------------------------- (Non-current assets) (1,372,079) (1,409,988) (1,382,506) (TOTAL ASSETS) (1,560,167) (1,492,507) (1,585,915) (LIABILITIES AND EQUITY) (Interest-bearing loans and borrowings (Note 8)) (272,159) (149,511) (244,436) (Trade and other payables) (84,625) (61,886) (91,687) (Payables to owners) (6) (6) (6) (Income tax liability) (47) (10) (47) (Deferred income) (33,508) (22,238) (21,734) ------------------------------------------------------------------------------- (Current liabilities) (390,345) (233,651) (357,910) (Interest-bearing loans and borrowings (Note 8)) (517,296) (578,777) (535,489) (Non-current liabilities) (517,296) (578,777) (535,489) ------------------------------------------------------------------------------- (Total liabilities) (907,641) (812,428) (893,399) (Share capital (Note 9)) (349,477) (314,844) (349,477) (Share premium) (663) (663) (663) (Reserves) (67,417) (69,516) (67,930) (Retained earnings) (234,969) (295,056) (274,446) ------------------------------------------------------------------------------- (Equity attributable to equity holders of the Parent) (652,526) (680,079) (692,516) (Total equity) (652,526) (680,079) (692,516) ------------------------------------------------------------------------------- (TOTAL LIABILITIES AND EQUITY) (1,560,167) (1,492,507) (1,585,915) Consolidated statement of cash flows (Unaudited, in thousands of EUR) (Q1 2022) (Q1 2021) ------------------------------------------------------------------------------- (CASH FLOWS FROM OPERATING ACTIVITIES) (Net profit/loss for the period) (-39,989) (-34,431) (Adjustments) (29,037) (28,223) (Changes in:) (Receivables and prepayments related to operating activities) (-6,462) (-3,307) (Inventories) (-6,417) (-854) (Liabilities related to operating activities) (5,561) (-11,814) ------------------------------------------------------------------------------- (Changes in assets and liabilities) (-7,318) (-15,975) (Cash generated from operating activities) (-18,270) (-22,183) (Income tax repaid/paid) (-41) (-39) ------------------------------------------------------------------------------- (NET CASH FROM/USED OPERATING ACTIVITIES) (-18,311) (-22,222) (CASH FLOWS FROM INVESTING ACTIVITIES) (Purchase of property, plant, equipment and intangible assets (Notes 6, 7)) (-8,891) (-4,201) (Proceeds from disposals of property, plant, equipment) (41) (7) (Interest received) (1) (0) ------------------------------------------------------------------------------- (NET CASH USED IN INVESTING ACTIVITIES) (-8,849) (-4,194) (CASH FLOWS FROM FINANCING ACTIVITIES) (Repayment of loans received (Note 8)) (0) (-14,667) (Change in overdraft (Note 8)) (11,431) (37,581) (Payment of lease liabilities (Note 8)) (-4,215) (-4,225) (Interest paid) (-6,332) (-5,144) (Payment of transaction costs related to loans) (-303) (-201) (NET CASH FROM/USED IN FINANCING ACTIVITIES) (581) (13,344) (TOTAL NET CASH FLOW) (-26,579) (-13,072) ------------------------------------------------------------------------------- (Cash and cash equivalents at the beginning of period) (127,556) (27,834) (Change in cash and cash equivalents) (-26,579) (-13,072) ------------------------------------------------------------------------------- (Cash and cash equivalents at the end of period) (100,977) (14,762) Joonas Joost Financial director AS Tallink Grupp Sadama 5 10111 Tallinn, Estonia E-mail [email protected] For the period