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AS Tallink Grupp Unaudited Consolidated Interim Report Q1 2020

Teade

In the first quarter (1 January - 31 March) of the 2020 financial year, Tallink
Grupp AS and its subsidiaries (the Group) carried 1.6 million passengers, which
is 15.6% less than in the first quarter last year. The number of cargo units
transported increased by 7.0% in the same comparison. The Group's unaudited
consolidated revenue decreased by 13.4% or EUR 23.9 million to a total of EUR
154.9 million. Unaudited EBITDA was EUR -1.3 million (EUR 3.8 million in Q1
2019) and unaudited net loss was EUR 30.2 million (net loss of EUR 25.3 million
in Q1 2019).

In the first quarter, the Group's revenue and operating results were impacted by
the following operational factors:

  * Increase in the number of carried passengers in January and February, 12.4%
    and 8.0%, respectively.
  * Drastic decrease in volumes in March due to Covid-19 resulting in 59.3% less
    passengers.
  * Planned dockings of five ships, totalling 69 days, which is 48 days less
    than in the first quarter last year.
  * Operations of 7 vessels and 3 hotels suspended since the travel restrictions
    were imposed in mid-March.

Impact of coronavirus disease Covid-19

Due to the global outbreak of Covid-19, the state of emergency declared in most
of the Group's home markets and the restrictions imposed by the authorities, the
Group's operating environment has deteriorated significantly subsequent to the
end of reporting period.

Given the uncertainty regarding the duration of the crisis and the course of the
post-crisis recovery, it is not possible to assess the financial impact of the
Covid-19-related crisis reliably at the moment. Significant impact of the Covid-
19 situation started only late in the quarter, resulting the number of
passengers decline by 59.3% in March but only a 15.6% decrease for the entire
quarter. More in line with the passenger development the first quarter revenue
also declined by only 13.4% which contributed to net result to decline by EUR
6.9 million compared to last year's normalised result (excluding one-off
expenses). The true extent of the impact on our operations and results is more
visible in our April passenger statistics - down 95.9% compared to last year.

In the current situation, the focus has shifted to cost and cash flow management
to ensure the sustainability of the Group's core business. Thus, we have scaled
down on non-critical costs and investments.

Travel restrictions
To minimise the costs in the situation of lowered demand and imposed
restrictions the Group made several operational changes.

Operations of Tallinn-Stockholm route vessels, Baltic Queen and Victoria I, were
suspended from 15 March, Latvia-Sweden route vessels, Romantika and Isabelle,
from 16 March and Helsinki-Stockholm route vessels, Silja Serenade and Silja
Symphony, from 19 March. Operations of Tallinn-Helsinki route cruise ferry Silja
Europa was suspended from 17 March and shuttle vessel Star from 18 March. Three
hotels - Tallink City Hotel, Tallink Spa & Conference Hotel and Tallink Hotel
Riga - have been closed since 18 March 2020. Tallink Express Hotel in Tallinn
has remained open in limited capacity.

Estonia-Finland routes shuttle vessel Megastar and cargo vessel Seawind,
Paldiski-Kapellskär route cargo vessel Regal Star and Turku-Stockholm route
cruise ferries Baltic Princess and Galaxy continued operating to ensure
international movement of cargo.

In cooperation with Estonian Ministry of Foreign Affairs, cruise ferry Romantika
performed an evacuation trip to Germany to bring home Estonians and Latvians who
were not able to return home due to closed borders in Europe. In cooperation
with Estonian Ministry of Economic Affairs and Communication, shuttle vessel
Star was rerouted to Paldiski-Sassnitz route from 19 March to 18 April to ensure
continuing transportation of goods between the Baltic and the Nordics and
western Europe.

Changes concerning workload and remuneration of personnel
Due to the Covid-19 situation the following decisions relating to personnel were
made in the first quarter of 2020:

  * the workload and remuneration of all Estonian personnel reduced to 70% for
    two months;
  * most of the Finnish personnel are on unpaid leave, except the staff on duty
    on vessels;
  * the workload of Swedish personnel reduced to 40% and remuneration reduced to
    50%, except for the staff on duty on vessels;
  * the workload and remuneration of all Latvian personnel reduced to 70%;
  * the Members of Supervisory Board of Tallink Grupp AS waived their
    remuneration for three months;
  * the Chairman of the Management Board has requested his salary to be reduced
    to 50% and other Management Board Members' salaries have been reduced to
    70%.

After the reporting period, collective redundancies process was commenced,
including among others hotel personnel and Latvian onboard personnel. To date
the redundancies have affected approximately 10% of the Group employees.

Support measures
The Group has, after the reporting date, applied for temporary salary
compensation measures offered by the states.

From late March the operations of Megastar and Turku-Stockholm route vessels
have been backed by Finland's National Emergency Supply Agency's to ensure the
cargo supply. The support is of crucial help to cover the operating expenses,
however, there is no contribution to earnings.

Estonian parliament has approved change in legislation granting exemption from
ships' fairway dues for twelve months starting from April 2020.

Activities to improve liquidity
The Management Board has decided to propose to the Supervisory Board not to pay
dividends from net profit for 2019.

An instalment for the construction of shuttle vessel MyStar, originally
scheduled for the second quarter of 2020, was postponed to the third quarter of
2020 after negotiations with the shipyard.

To the date of the report the Group has been carrying out constructive
negotiations with financial institutions regarding waivers of loan covenants and
payment schedules.

To ensure sufficient liquidity the Group has, to the date of the report, been in
consultations and negotiations with various financing institutions and State of
Estonia regarding obtaining additional financing. Based on such activities the
financial report has been prepared according to going concern principle.

Sales and segments

In the first quarter of 2020, the Group's total revenue decreased by EUR 23.9
million to EUR 154.9 million. Total revenue in the first quarter of 2019 and
2018 was EUR 178.9 million and EUR 184.2 million, respectively.

Revenue from route operations (core business) decreased by EUR 25.8 million to
EUR 143.7 million. Starting from March the passenger operations and segment
results on all routes were significantly affected by Covid-19 situation and
travel restrictions. Increase in cargo units was affected by changes in pricing
policy.

The number of passengers carried on the Estonia-Finland routes decreased by
15.0% compared to last year but the number of transported cargo units increased
by 8.3%. Estonia-Finland routes' revenue decreased by EUR 11.2 million to EUR
59.2 million. The segment result decreased by EUR 3.7 million to EUR 3.3
million.

The number of passengers carried on the Finland-Sweden routes' decreased by
16.9% but the number of transported cargo units increased by 4.6%. The route's
revenue decreased by EUR 10.7 million to EUR 57.2 million and the segment result
decreased by 61.3% or EUR 3.1 million to EUR -8.2 million.

On Estonia-Sweden routes' the number of passengers carried decreased by 9.6% but
the number of transported cargo units increased by 14.9%. Despite the 7.4%
decrease in the routes' revenue, the segment result decreased by 2.2% to EUR
-4.7 million. The results were supported by the absence of the lengthy
maintenance and repair works cruise ferry Baltic Queen had in the first quarter
of 2019.

On the Latvia-Sweden route the transported passengers and cargo units decreased
by 21.3% and 20.3%, respectively. The route's revenue decreased by EUR 2.5
million compared to last year and amounted to EUR 10.1 million. The segment
result decreased by EUR 1.3 million to EUR -5.3 million.

Revenue from the segment other increased by a total of EUR 1.8 million and
amounted to EUR 12.5 million. The increase was mainly driven by higher sales
from onshore shops and revenue from stevedoring services at the Tallinn Old City
Harbour as a result of winning a public tender.

Earnings

In the first quarter of 2020, the Group's gross profit decreased by EUR 10.7
million compared to the same period last year, amounting to EUR -0.2 million.
EBITDA decreased by EUR 5.0 million and amounted to EUR -1.3 million.

The Group's first quarter result was positively impacted by the increase in
passenger volumes in January and February as well as the absence of nonrecurring
costs such as in the first quarter of 2019. However, the fear surrounding the
virus and travel restrictions in force across Europe had a significant negative
impact.

Amortisation and depreciation expense increased by EUR 0.1 million to EUR 24.8
million compared to last year.

Net finance costs decreased by EUR 0.2 million compared to the first quarter
last year. The change includes a decrease of EUR 0.2 million in interest
expense.

The Group's unaudited net loss for the first quarter of 2020 was EUR 30.2
million or EUR 0.045 per share compared to a net loss of EUR 25.3 million or EUR
0.038 per share in 2019 and net loss of EUR 19.6 million or EUR 0.029 per share
in 2018.

Investments

The Group's investments in first quarter of 2020 amounted to EUR 27.1 million.
In the first quarter there were planned dockings of five vessels: Seawind,
Megastar, Romantika, Silja Europa and Silja Symphony. The planned service breaks
of five vessels totalled 69 days in the first quarter of 2020 (117 days in the
first quarter of 2019).

Investments were made in the ships' technical maintenance, upgrades of public
areas and a number of energy efficiency projects as well as projects to reduce
emissions such as the trial of a wind-assisted ship propulsion unit on Regal
Star and the installation of the ballast water treatment system and the
replacement of the vessel's provision cooling system on Silja Europa.

The Group's investments included a prepayment of EUR 12.4 million for a new LNG
shuttle vessel, MyStar.

Investments were also made in the development of the online booking and sales
systems as well as other administrative systems.

Dividends

Due to a deteriorated operating environment after the reporting date and
considering the Company's long-term interests, the Management Board has decided
to propose to the Supervisory Board not to pay dividends from net profit for
2019.

Financial position

In the first quarter, the Group's net debt increased by EUR 35.5 million to EUR
574.5 million and the net debt to EBITDA ratio was 3.5 at the reporting date.

At the end of the first quarter, total liquidity buffer (cash, cash equivalents
and unused credit facilities) amounted to EUR 79.2 million (EUR 112.9 million at
31 March 2019). At the same time, the current trade and other payables amounted
to EUR 100.7 million exceeding the liquidity buffer 1.27 times. The respective
figures for the end of the first quarter of 2019 were EUR 97.8 million and 0.87.

At 31 March 2020, the Group's cash and cash equivalents amounted to EUR 16.5
million (EUR 47.8 million at 31 March 2019) and the Group had EUR 62.7 million
in unused credit lines (EUR 65.1 million at 31 March 2019).

Economic Environment

The Group operates shipping routes to and from Finland, Sweden, Estonia and
Latvia and therefore considers these countries its home markets. As nearly half
of all the passengers are Finnish, the Group is exposed the most to the economic
developments in Finland. Similarly, the Group faces high exposure to the
economic developments in Estonia and Sweden.

In the first two months of 2020, the economic environment was favourable for our
passenger operations. Less docking days compared to 2019 and stable consumer
confidence reflected in the number of carried passengers improving 10% in
January-February. From March, the environment has significantly deteriorated and
has been defined by the outbreak of Covid-19 and the extensive travel and other
restrictions applied across our home markets from mid-month. The combined
effects from lower demand, travel restrictions and decreased supply to minimise
the costs, resulted in the 59% drop in the number of passengers carried in March
2020. The developments around Covid-19 and the various containment measures will
continue to be the key aspect of the operating environment with the impact
visible first hand in our passenger volumes, as truly evident in the 96% decline
in the number of passengers carried in April 2020.

Although the confidence of businesses had started to recover from the lengthy
deterioration and a low point reached in the preceding quarter across our home
markets, the overall cargo market remained weak in the first quarter of 2020,
particularly January and February. Our volumes were largely supported by
adjustments in the pricing policy and the sudden spike in demand for consumer
goods in March. The current halt of the economies is expected to start weighing
on the consumer and business confidence, implied also by the already rising
unemployment across our home markets. Therefore, the environment for our cargo
operations is expected to weaken in the coming periods.

The concerns regarding decreasing demand due to Covid-19 related global economic
slowdown combined with oil-politics fuelled increase in the supply, resulted in
a sharp decline in global fuel prices from mid-March. The effective market
prices of the relevant fuels (in euros) were in the first quarter of 2020, on
average, 20% lower compared to last year's prices. As a combination of the
changes in the market prices and our price-fixing agreements, the effective
average fuel price in the first quarter of 2020 was 5% lower than this time last
year.

Currently, the key risk has to do with global and regional developments with the
Covid-19 situation and related restrictions on travel and other economic
activities. In addition, the duration of the situation and its economic damage
and its impact on local and international trade.

Events in Q1

Fuel price risk management
In the first quarter of 2020, the Group entered into agreements with its main
fuel suppliers and fixed the purchase price of fuel equivalent to about 65% of
its total estimated fuel volume for 2020. The average agreed price was about
5.5% lower compared to the average price of similar agreements for 2019.

Due to the Covid-19 situation, more flexible terms were negotiated and agreed
with one of the fuel suppliers in April, according to which we are purchasing
fuel at market prices until our performance recovers to an agreed level. From
the other supplier we continue to purchase at fixed price, but as per our
contractual notification in April, only in the volume of our actual consumption.

Changes in the Group structure
In February 2020, Hansatee Cargo AS, a wholly-owned subsidiary of Tallink Grupp
AS, was merged with the Group company Tallink AS and thereafter deleted from the
Commercial Registry.

Signing the Memorandum of Understanding
On 26 February 2020, Tallink Grupp AS, the Group's largest shareholder Infortar
AS and the City of Tallinn signed a memorandum of understanding to develop the
city owned architectural monument Tallinn City Hall and its adjacent properties
into a top conference and concert centre in the Baltic Sea region with an
accompanying Tallink port in the city centre to improve the attractiveness of
Tallinn as a tourist destination and to offer local citizens new recreational
opportunities.

According to the memorandum, the project parties agreed to establish a joint
venture in which the City of Tallinn will hold a 34% stake and both the Group
and Infortar AS will hold a 33% stake, and upon establishment, to make initial
contributions pro rata to their shareholding and in the total amount of EUR 1
million.

Events after the reporting period and outlook

Developments with the new shuttle vessel MyStar
The physical production process of MyStar started on 6 April 2020 in Rauma
shipyard in Finland. Prepayment in the amount of EUR 49.4 million will be made
in the third quarter of 2020.

Increase of overdraft limit
In April, the Group extended its existing overdraft facility with Danske Bank
A/S by EUR 20.0 million. The increase of the overdraft facility helps to improve
the Group's liquidity.

Changes in the Audit Committee
The Supervisory Board of Tallink Grupp AS has decided to recall Luke Staniczek
from the Audit Committee. From 17 April, the Audit Committee continues with
three members including Meelis Asi (Chairman of the Audit Committee), Ain
Hanschmidt and Mare Puusaag.

Tallink Ekspress e-shop
On 20 April 2020, a new Tallink Ekspress e-shop was opened, in which different
food products, alcohol and non-alcohol drinks as well as basic necessities are
sold. Home delivery service is provided by Tallink Takso.

Changes in the Group structure
In April 2020, TLG Agent OÜ, a wholly-owned subsidiary of Tallink Grupp AS, was
renamed LNG Shipmanagement OÜ. The main activity of the subsidiary is to provide
crewing service.

Earnings
The Group's earnings are not generated evenly throughout the year. The summer
period is the high season in the Group's operations. In management's opinion and
based on prior experience most of the Group's earnings are generated during the
summer (June-August).

Due to the ongoing Covid-19 situation the earnings outlook for 2020 has become
highly uncertain and will be largely subject to external factors such as the
states' decisions regarding the timing of lifting of the travel restrictions,
allowing passenger traffic as well as the duration of the recovery period.

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 looking for innovative ways to upgrade the ships and passenger area
technology to improve its overall performance through modern solutions. The most
recent project, in collaboration with ports in the Baltic Sea area, involves
making preparations for the use of high-voltage shore connection during the
vessels' port stays. Another ongoing collaboration project with Tallinn
University of Technology (TalTech) involves the development of smart car deck
solutions.

In addition, the Group is participating in a programme, funded by the European
Space Agency, with a goal to develop techniques for autonomous navigation for
ships, using a combination of different sensors, machine learning and artificial
intelligence.

Risks
The Group's business, financial position and operating results could be
materially affected by various risks. These risks are not the only ones we face.
Additional risks and uncertainties not presently known to us, or that we
currently believe are immaterial or unlikely, could also impair our business.
The order of presentation of the risk factors below is not intended to be an
indication of the probability of their occurrence or of their potential effect
on our business.

  * Covid-19 situation and developments
  * Accidents, disasters
  * Macroeconomic developments
  * Changes in laws and regulations
  * Relations with trade unions
  * Increase in the fuel prices and interest rates
  * Market and customer behaviour


Key figures

 For the period                                    Q1 2020     Q1 2019 Change %
-------------------------------------------------------------------------------
 Revenue (million euros)                             154.9       178.9   -13.4%

 Gross profit (million euros)                         -0.2        10.5  -101.6%

 EBITDA¹ (million euros)                              -1.3         3.8  -133.4%

 EBIT¹ (million euros)                               -26.0       -20.9   -24.6%

 Net profit/loss for the period (million
 euros)                                              -30.2       -25.3   -19.6%



 Depreciation and amortisation (million euros)        24.8        24.7     0.4%

 Capital expenditures¹ ²(million euros)               27.1        25.3     7.2%

 Weighted average number of ordinary shares
 outstanding                                   669 882 040 669 878 007     0.0%

 Earnings/loss per share¹                           -0.045      -0.038   -19.6%



 Number of passengers                            1 566 730   1 855 772   -15.6%

 Number of cargo units                              99 617      93 114     7.0%

 Average number of employees                         7 066       7 097    -0.4%



 As at                                            31.03.20    31.12.19 Change %
-------------------------------------------------------------------------------
 Total assets (million euros)                      1 517.8     1 533.0    -1.0%

 Total liabilities (million euros)                   724.5       710.1     2.0%

 Interest-bearing liabilities (million euros)        591.0       577.9     2.3%

 Net debt¹ (million euros)                           574.5       539.0     6.6%

 Net debt to EBITDA¹                                   3.5         3.1     9.8%

 Total equity (million euros)                        793.2       822.8    -3.6%

 Equity ratio¹ (%)                                     52%         54%



 Number of ordinary shares outstanding         669 882 040 669 882 040     0.0%

 Equity per share¹                                    1.18        1.23    -3.6%



 Ratios¹                                           Q1 2020     Q1 2019
-------------------------------------------------------------------------------
 Gross margin (%)                                    -0.1%        5.9%

 EBITDA margin (%)                                   -0.8%        2.1%

 EBIT margin (%)                                    -16.8%      -11.7%

 Net profit/loss margin (%)                         -19.5%      -14.1%



 ROA (%)                                              4.5%        3.8%

 ROE (%)                                              5.5%        4.1%

 ROCE (%)                                             5.3%        4.6%

(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 / weighted average number of shares outstanding
Equity ratio: total equity / total assets
Shareholder's equity per share: shareholder's equity / number of shares
outstanding
Gross margin: gross profit / net sales
EBITDA margin: EBITDA / net sales
EBIT margin: EBIT / net sales
Net profit margin: net profit / net sales
Capital expenditure: additions to property, plant and equipment - additions to
right-of-use assets + additions to intangible assets
ROA: earnings before net financial items, taxes 12-months trailing / average
total assets
ROE: net profit 12-months trailing / average shareholders' equity
ROCE: earnings before net financial items, taxes 12-months trailing / (total
assets - current liabilities (average for the period))
Net debt: interest-bearing liabilities less cash and cash equivalents
Net debt to EBITDA: net debt / EBITDA 12-months trailing


Consolidated statement of profit or loss and other comprehensive income

 Unaudited, in thousands of EUR                                Q1 2020  Q1 2019
-------------------------------------------------------------------------------
 Revenue (Note 3)                                              154 930  178 870

 Cost of sales                                                -155 102 -168 371
-------------------------------------------------------------------------------
 Gross loss /profit                                               -172   10 499



 Sales and marketing expenses                                  -13 948  -17 042

 Administrative expenses                                       -13 424  -15 068

 Other operating income                                          1 532      724

 Other operating expenses                                          -22      -14
-------------------------------------------------------------------------------
 Result from operating activities                              -26 034  -20 901



 Finance income (Note 4)                                             1    1 002

 Finance costs (Note 4)                                         -4 112   -5 331

 Loss before income tax                                        -30 145  -25 230



 Income tax                                                        -53      -25



 Net loss for the period                                       -30 198  -25 255

 Net loss for the period attributable to equity holders of
 the Parent                                                    -30 198  -25 255



 Other comprehensive income

 Items that may be reclassified to profit or loss

 Exchange differences on translating foreign operations            585      165
-------------------------------------------------------------------------------
 Other comprehensive income for the period                         585      165



 Total comprehensive loss for the period                       -29 613  -25 090

 Total comprehensive loss for the period attributable to
 equity holders of the Parent                                  -29 613  -25 090



 Loss per share (in EUR, Note 5)                                -0.045   -0.038
-------------------------------------------------------------------------------


Consolidated statement of financial position

 Unaudited, in thousands of EUR                31.03.2020 31.03.2019 31.12.2019
-------------------------------------------------------------------------------
 ASSETS

 Cash and cash equivalents                         16 462     47 775     38 877

 Trade and other receivables                       31 112     42 023     37 606

 Prepayments                                       11 631     11 831      6 805

 Prepaid income tax                                     1         81         67

 Inventories                                       39 452     36 305     37 255
-------------------------------------------------------------------------------
 Current assets                                    98 658    138 015    120 610



 Investments in equity-accounted investees            403        407        403

 Other financial assets and prepayments             1 847        307      1 619

 Deferred income tax assets                        18 674     17 934     18 674

 Investment property                                  300        300        300

 Property, plant and equipment (Note 6)         1 353 868  1 369 715  1 347 093

 Intangible assets (Note 7)                        44 023     45 581     44 264
-------------------------------------------------------------------------------
 Non-current assets                             1 419 115  1 434 244  1 412 353

 TOTAL ASSETS                                   1 517 773  1 572 259  1 532 963



 LIABILITIES AND EQUITY

 Interest-bearing loans and borrowings (Note
 8)                                               100 784    100 646     89 198

 Trade and other payables                         100 679     97 845     98 926

 Payables to owners                                     6          2          6

 Income tax liability                                   0        116          0

 Deferred income                                   32 867     41 465     33 314
-------------------------------------------------------------------------------
 Current liabilities                              234 336    240 074    221 444



 Interest-bearing loans and borrowings (Note
 8)                                               490 213    503 930    488 682
-------------------------------------------------------------------------------
 Non-current liabilities                          490 213    503 930    488 682
-------------------------------------------------------------------------------
 Total liabilities                                724 549    744 004    710 126



 Share capital (Note 9)                           314 844    361 736    314 844

 Share premium                                        663        663        663

 Reserves                                          69 681     69 145     69 608

 Retained earnings                                408 036    396 711    437 722
-------------------------------------------------------------------------------
 Equity attributable to equity holders of the
 Parent                                           793 224    828 255    822 837

 Total equity                                     793 224    828 255    822 837
-------------------------------------------------------------------------------
 TOTAL LIABILITIES AND EQUITY                   1 517 773  1 572 259  1 532 963


Consolidated statement of cash flows

 Unaudited, in thousands of EUR                                 Q1 2020 Q1 2019
-------------------------------------------------------------------------------


 CASH FLOWS FROM OPERATING ACTIVITIES

 Net loss for the period                                        -30 198 -25 255

 Adjustments                                                     29 387  29 244

 Changes in:

 Receivables and prepayments related to operating activities      1 645  -3 952

 Inventories                                                     -2 197    -564

 Liabilities related to operating activities                      2 237   7 550
-------------------------------------------------------------------------------
 Changes in assets and liabilities                                1 685   3 034

 Cash generated from operating activities                           874   7 023

 Income tax repaid/paid                                              13     -82
-------------------------------------------------------------------------------
 NET CASH FROM OPERATING ACTIVITIES                                 887   6 941



 CASH FLOWS FROM INVESTING ACTIVITIES

 Purchase of property, plant, equipment and intangible assets
 (Notes 6, 7)                                                   -27 070 -25 262

 Proceeds from disposals of property, plant, equipment               44      78

 Interest received                                                    1       1
-------------------------------------------------------------------------------
 NET CASH USED IN INVESTING ACTIVITIES                          -27 025 -25 183



 CASH FLOWS FROM FINANCING ACTIVITIES

 Proceeds from loans received (Note 8)                           15 000       0

 Repayment of loans received (Note 8)                           -14 667 -16 500

 Change in overdraft (Note 8)                                    12 258   9 857

 Payments for settlement of derivatives                               0  -1 029

 Payment of lease liabilities (Note 8)                           -3 915  -3 467

 Interest paid                                                   -4 748  -5 019

 Payment of transaction costs related to loans                     -205       0
-------------------------------------------------------------------------------
 NET CASH FROM/USED IN FINANCING ACTIVITIES                       3 723 -16 158



 TOTAL NET CASH FLOW                                            -22 415 -34 400
-------------------------------------------------------------------------------


 Cash and cash equivalents at the beginning of period            38 877  82 175

 Change in cash and cash equivalents                            -22 415 -34 400
-------------------------------------------------------------------------------
 Cash and cash equivalents at the end of period                  16 462  47 775



Veiko Haavapuu
Financial Director

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