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AS Tallink Grupp Unaudited Consolidated Interim Report Q1 2022

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The Q1 2022 results of AS Tallink Grupp will be introduced at an Investor
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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