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Pealkiri

AS Tallink Grupp Unaudited Consolidated Interim Report Q3 2020

Teade

In the third quarter (1 July - 30 September) of the 2020 financial year, Tallink
Grupp AS and its subsidiaries (the Group) carried 1.3 million passengers, which
is 55.8% less than in the third quarter last year. The number of cargo units
transported decreased by 1.9% in the same comparison. The Group's unaudited
consolidated revenue decreased by 50.0% or EUR 144.0 million to a total of EUR
143.7 million. Unaudited EBITDA was EUR 5.7 million (EUR 83.2 million in Q3
2019) and unaudited net loss was EUR 23.9 million (net profit of EUR 54.6
million in Q3 2019).

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

  * Covid-19 and related travel restrictions.
  * 7% less trips due to changes in operating schedules.
  * Restrictions on maximum capacity on all cruise vessels.

Impact of Covid-19 and travel restrictions

Operations in the third quarter were strongly influenced by the Covid-19
situation, restrictions on international travel and communications advising
against travelling by state authorities. While the restrictions remained limited
in most markets until mid-September, the restrictions were in force effectively
the entire quarter for international passenger traffic to and from Sweden.

Several operational changes were effective in the third quarter:

  * Daily operations of the Tallinn-Stockholm route with vessels Victoria I and
    Baltic Queen have been suspended since 15 March.
  * Daily operations of the Riga-Stockholm route with vessels Romantika and
    Isabelle have been suspended since 16 March.
  * Operations of the Helsinki-Stockholm route with vessels Silja Serenade and
    Silja Symphony have been suspended since 19 March.
  * Tallink City Hotel has remained closed since 18 March and is undergoing a
    full-scale renovation from September.

Throughout the quarter our vessels were flexibly rerouted to other routes:

  * The cruise ferry Victoria I was rerouted to the Tallinn-Helsinki route. It
    also operated one special cruise from Helsinki to Saaremaa, from Tallinn to
    Mariehamn and to Riga as well as four special return trips on the Riga-
    Stockholm route. The cruise ferry Baltic Queen operated eight special
    cruises from Tallinn to Mariehamn and 15 special cruises from Tallinn to
    Turku. In addition to that, the cruise ferry also operated two special
    return trips on the Tallinn-Stockholm route and four special cruises on the
    Helsinki-Riga route.
  * The cruise ferry Romantika operated four special cruises from Riga to
    Mariehamn and five from Riga to Helsinki. It also operated eight special
    return trips on the Riga-Stockholm route in order to secure transport of
    cargo. The cruise ferry Isabelle operated on the Paldiski-Kapellskär route.
  * The cruise ferry Silja Serenade operated on the Helsinki-Riga route. The
    cruise ferry Silja Symphony operated 16 special cruises from Stockholm to
    Visby and six special cruises from Stockholm to Härnösand.

The Estonia-Finland routes shuttle vessels Megastar and Star, cargo vessel
Seawind, the Paldiski-Kapellskär route cargo vessel Regal Star and the Turku-
Stockholm route cruise ferries Baltic Princess and Galaxy continued operating on
their regular routes. From July 2020, cargo vessel Sailor started operating on
Paldiski-Kapellskär route in addition to cargo vessel Regal Star.

Changes concerning personnel
Due to the Covid-19 situation the following changes relating to personnel were
in force in the third quarter of 2020:

  * Most of the Finnish personnel were temporarily laid off, except the staff on
    duty.
  * The workload of Swedish personnel was reduced to varying extent.

Given the different labour regulations in our home markets most efficient
response to the changes in the environment was possible on the Finnish flagged
vessels. The situation is the most difficult in Estonia and Latvia where the
rigid legislation does not enable to combine unpaid leave with other salary
support measures to the employee. Therefore, lengthy redundancies processes are
necessary in Estonia and Latvia which are expected to start yielding positive
financial impact in early 2021.

During the reporting period, a previously initiated collective redundancies
process was carried out. An additional collective redundancies process was
initiated in the third quarter, which potentially affects a further maximum of
1 500 employees by the end of the fourth quarter. As of the reporting date, the
redundancies have affected more than 900 employees.

The average number of employees during the quarter and the number of employees
at the end of the quarter were, respectively, 18.8% and 19.9% lower compared to
the same period last year.

Support measures
During the quarter the Group received a total of EUR 3.8 million in direct
financial support from the temporary salary compensation measure offered by the
state of Sweden.

In the second quarter of 2020, the Estonian Parliament approved the change in
legislation granting exemption from ships' fairway dues for twelve months
starting from April 2020. The effect of the exemption amounted to EUR 1.1
million in the third quarter of 2020.

Activities to improve liquidity
On 30 July 2020, the shareholders' annual general meeting decided not to pay
dividends from net profit for 2019.

In order to relieve the liquidity issues caused by the Covid-19 situation, the
Group's companies were allowed to postpone the tax payments. At the end of the
third quarter, the postponed tax liability amounted to EUR 9.5 million and will
be paid by autumn 2021.

As an additional measure, the Group extended payment deadlines of its supplier
invoices.

Sales and segments

In the third quarter of 2020, the Group's total revenue decreased by EUR 144.0
million to EUR 143.7 million. Total revenue in the third quarter of 2019 and
2018 was EUR 287.8 million and EUR 283.6 million, respectively.

Revenue from route operations (core business) decreased by EUR 136.2 million to
EUR 132.2 million. The passenger operations and segment results on all routes
were significantly affected by the continuing Covid-19 situation and imposed
travel restrictions.

The number of passengers carried on the Estonia-Finland routes decreased by
39.3% compared to last year, while the number of transported cargo units
increased by 7.4%. Estonia-Finland routes' revenue decreased by EUR 32.0 million
to EUR 70.2 million. The segment result decreased by EUR 29.7 million to EUR
3.3 million. The Estonia-Finland routes' results include also the operations of
the Tallinn-Turku and the Tallinn-Mariehamn routes.

The number of passengers carried on the Finland-Sweden routes decreased by
61.0% and the number of transported cargo units decreased by 10.4%. The route's
revenue decreased by EUR 52.1 million to EUR 54.3 million and the segment result
decreased by EUR 30.7 million to EUR -10.1 million. The Finland-Sweden routes'
results include also the operations of the Helsinki-Riga route and the special
cruises from Stockholm to Visby and to Härnösand.

On the Estonia-Sweden routes the number of passengers carried decreased by
95.7%, while the number of transported cargo units decreased only by 6.8%. The
segment revenue decreased by EUR 31.0 million to EUR 5.0 million and the segment
result decreased by EUR 10.6 million to EUR -3.5 million. The Estonia-Sweden
routes' results reflect the operations of the Paldiski-Kapellskär route and the
limited operations of the Tallinn-Stockholm route in September.

There were no daily operations on the Latvia-Sweden route during the quarter.
The number of transported passengers and cargo units decreased by 90.0% and
84.7%, respectively, reflecting limited operations on the route. The route's
revenue decreased by EUR 21.1 million compared to last year and amounted to EUR
2.7 million. The segment result decreased by EUR 8.8 million to EUR -3.5
million. The Latvia-Sweden route's results include the limited operations of the
Riga-Stockholm route as well as the special cruises from Riga to Helsinki and to
Mariehamn operated by the cruise ferry Romantika.

Revenue from the segment other decreased by a total of EUR 9.9 million and
amounted to EUR 12.6 million. The decrease was mainly driven by significantly
lower accommodation sales and lower revenue from services provided at the
hotels. The segment revenue was positively impacted by an increase in online
shop sales, opening of Burger King restaurants and revenue from providing
mooring services at the Tallinn Old City Harbour.

Earnings

In the third quarter of 2020, the Group's gross profit decreased by EUR 89.7
million compared to the same period last year, amounting to EUR -3.0 million.
EBITDA decreased by EUR 77.5 million and amounted to EUR 5.7 million.

The Group's third quarter financial result was impacted by the following
factors:

  * Significant decrease in operating expenses.
  * Negative impact from one-off costs related to redundancies process in the
    amount of EUR 3.1 million.
  * Positive impact from support measures, including the temporary salary
    compensation measure in Sweden and exemption from ships' fairway dues in
    Estonia.

Amortisation and depreciation expense increased by EUR 1.6 million to EUR 25.4
million compared to last year. Net finance costs decreased by EUR 0.6 million
compared to the third quarter last year.

The Group's unaudited net loss for the third quarter of 2020 was EUR 23.9
million or EUR 0.036 per share compared to a net profit of EUR 54.6 million or
EUR 0.082 per share in 2019 and net profit of EUR 46.1 million or EUR 0.069 per
share in 2018.

Results of the first 9 months of 2020

In the first 9 months (1 January - 30 September) of the 2020 financial year the
Group carried 3.3 million passengers, which is 56.3% less compared to the same
period last year. The Group's unaudited revenue for the period decreased by
49.7% and amounted to EUR 363.6 million. Unaudited EBITDA for the 9 months was
EUR 6.9 million (EUR 137.7 million, 9 months 2019) and unaudited net loss was
EUR 81.5 million (EUR 44.2 million, 9 months 2019 net profit).

The financial result of the 9 months of 2020 was impacted by following factors:

  * Changes in operations of vessels and hotels due to the Covid-19 situation
    and the travel restrictions.
  * Dockings of six ships totalling 79 days (total of 124 docking and service
    days in the first 9 months of 2019).
  * Negative impact from one-off costs related to redundancies process in the
    amount of EUR 5.1 million.
  * Various direct financial support.

Investments

The Group's investments in the third quarter of 2020 amounted to EUR 53.8
million of which the majority, EUR 49.4 million, related to the construction of
the shuttle vessel MyStar.

Investments were also made in the development of the online booking and sales
systems as well as other administrative systems and in relation to the opening
of Burger King restaurants.

Dividends

Due to a deteriorated operating environment and considering the Company's long-
term interests, the shareholders' annual general meeting decided not to pay
dividends from net profit for 2019.

Financial position

In the third quarter, the Group's net debt increased by EUR 46.7 million to EUR
640.5 million and the net debt to EBITDA ratio was 15.9 at the reporting date.

At the end of the third quarter, total liquidity buffer (cash, cash equivalents
and unused overdraft facilities) amounted to EUR 115.0 million (EUR 108.1
million at 30 September 2019).

At 30 September 2020, the Group's cash and cash equivalents amounted to EUR
30.7 million (EUR 38.2 million at 30 September 2019) and the Group had EUR 84.3
million in unused overdraft facilities (EUR 69.8 million at 30 September 2019).

Economic Environment

The Group considers Finland, Sweden, Estonia and Latvia its home markets with
the most exposure to the economic developments in Finland. The Group has also
high exposure to the economic developments in Estonia and Sweden.

In the third quarter of 2020, the Group's economic environment was dominated by
the Covid-19 situation and the restrictions as well as discouraging
communication related to travelling by the governments. By the beginning of the
quarter, the Covid-19 situation had improved and the majority of the
restrictions had been lifted on all our other home markets, except for Sweden.
The passenger operations were again hampered by new restrictions imposed in mid-
September.

While more flexible regulations have allowed for employees in Sweden and Finland
to be on temporary lay-offs, extensive redundancy processes have been carried
out in the Group's Estonian and Latvian subsidiaries, similarly to many other
firms. Such differences on the markets reflected also in the consumer confidence
during the quarter, which according to the OECD data, recovered decently in
Sweden and Finland while remaining continuously on a low level, both in Estonia
and in Latvia.

For the Group, the slight recovery in consumer confidence in Sweden and Finland
materialised in high demand for special cruises operated during the summer.
However, the overall demand in passenger traffic remained low mainly due to
hindrances in travelling. The international travel restrictions and reduced air
traffic also effectively meant the absence of demand from the customers from
outside our home markets and the state-level travelling and border-crossing
restrictions effectively allowed to offer only international cargo operations to
and from Sweden.

In the third quarter, the cargo market fared better relative to the passenger
business, supported by the recovered business confidence on most home markets,
except for Finland. However, the changed operating schedule and tight
competition in pricing resulted in a decline both in the number of cargo units
and in the average revenue per unit.

Measured in euros the global fuel prices declined, on average, by 40% in the
third quarter of 2020 compared to last year. The Group's overall fuel cost
declined by 36% compared to the same period last year. In addition to the
decrease in the fuel market price, the cost was affected by the changes in the
operating schedule as well as an existing fuel price agreement with the price
fixed above the market level.

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

Events in Q3

Prepayment for the new shuttle vessel MyStar
Prepayment instalments for the new shuttle vessel MyStar in the total amount of
EUR 37.1 million were made in the third quarter of 2020.

Dividends
On 30 July 2020, the shareholders' general meeting decided not to pay dividend
from net profit for 2019.

Increase of overdraft limit
In the third quarter, the Group extended its existing overdraft facility with
SEB Pank AS by EUR 20.0 million. The increase of the overdraft facilities helps
to improve the Group's liquidity.

Extensive reorganisation
In September 2020, the Group commenced further collective redundancies processes
in different Group subsidiaries. The collective redundancies processes were
initiated in Estonia and in Latvia.

Renovation of Tallink City Hotel
Tallink City Hotel in Tallinn is undergoing a full-scale renovation from
September 2020. The renovation works are estimated to be finalised by the end of
May 2021 and the hotel reopened in June next year.

Opening of Burger King restaurants
The Group continued preparations for opening Burger King restaurants. During the
quarter one restaurant was opened in Tartu. The Group has secured the locations
of its first Burger King restaurants in Latvia and Lithuania, to be opened in
the fourth quarter of 2020.

Events after the reporting period and outlook

Prepayment for the new shuttle vessel MyStar
The last prepayment instalment for the new shuttle vessel MyStar in the total
amount of EUR 12.4 million will be made in the fourth quarter of 2020.

Cooperation negotiations with trade unions
In October 2020, the Group's Finnish and Swedish subsidiaries initiated
cooperation negotiations with the employee representatives which may lead to
changes in the organisational structure, redundancies, reduction in working
hours and temporary lay-offs.

Suspended operations of Tallink Hotel Riga
The operations of Tallink Hotel Riga were suspended from 18 October 2020. The
hotel will be closed until spring 2021 unless the operating environment does not
improve sooner.

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). In the opinion of the Management Board the Group will not
earn profits in 2020 financial year.

Due to the ongoing Covid-19 situation the earnings outlook has become uncertain
and continues to 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 continuously looking for innovative ways to upgrade the ships and
passenger area technology to improve its overall performance through modern
solutions. The most recent project, in collaboration with ports in the Baltic
Sea area and supported by the Connecting Europe Facility (CEF) fund, involves
making preparations for the use of high-voltage shore connection during the
vessels' port stays. Another ongoing collaboration project with Tallinn
University of Technology (TalTech) involves the development of smart car deck
solutions.

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

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

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





Key figures

 For the period                                    Q3 2020     Q3 2019 Change %
-------------------------------------------------------------------------------
 Revenue (million euros)                             143.7       287.8   -50.0%

 Gross profit/loss (million euros)                    -3.0        86.7  -103.5%

 EBITDA¹ (million euros)                               5.7        83.2   -93.2%

 EBIT¹ (million euros)                               -19.7        59.4  -133.1%

 Net profit/loss for the period (million
 euros)                                              -23.9        54.6  -143.7%



 Depreciation and amortisation (million euros)        25.4        23.8     6.6%

 Capital expenditures¹ ²(million euros)               53.8         7.1   653.7%

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

 Earnings/loss per share¹                           -0.036       0.082  -143.7%



 Number of passengers                            1,314,301   2,974,790   -55.8%

 Number of cargo units                              91,578      93,329    -1.9%

 Average number of employees                         6,031       7,425   -18.8%



 As at                                          30.09.2020  30.06.2020 Change %
-------------------------------------------------------------------------------
 Total assets (million euros)                      1,542.9     1,505.9     2.5%

 Total liabilities (million euros)                   801.4       740.5     8.2%

 Interest-bearing liabilities (million euros)        671.2       615.7     9.0%

 Net debt¹ (million euros)                           640.5       593.8     7.9%

 Net debt to EBITDA¹                                  15.9         5.0   215.3%

 Total equity (million euros)                        741.5       765.3    -3.1%

 Equity ratio¹ (%)                                     48%         51%



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

 Equity per share¹                                    1.11        1.14    -3.1%



 Ratios¹                                           Q3 2020     Q3 2019
-------------------------------------------------------------------------------
 Gross margin (%)                                    -2.1%       30.1%

 EBITDA margin (%)                                    4.0%       28.9%

 EBIT margin (%)                                    -13.7%       20.6%

 Net profit/loss margin (%)                         -16.6%       19.0%



 ROA (%)                                             -3.9%        4.5%

 ROE (%)                                             -9.6%        5.1%

 ROCE (%)                                            -4.6%        5.4%

(1) Alternative performance measures based on ESMA guidelines are disclosed in
the Alternative Performance Measures section of this Interim Report.
(2) Does not include additions to right-of-use assets.

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



Consolidated statement of profit or loss and other comprehensive income

                                                               Jan-Sep  Jan-Sep
 Unaudited, in thousands of EUR              Q3 2020  Q3 2019     2020     2019
-------------------------------------------------------------------------------
 Revenue (Note 3)                            143,747  287,771  363,639  722,744

 Cost of sales                              -146,771 -201,089 -388,730 -564,929
-------------------------------------------------------------------------------
 Gross loss/profit                            -3,024   86,682  -25,091  157,815



 Sales and marketing expenses                 -9,260  -15,108  -30,528  -51,362

 Administrative expenses                     -12,061  -12,897  -35,090  -42,408

 Other operating income                        4,695      713   22,365    1,876

 Other operating expenses                        -14        2      -93      -23
-------------------------------------------------------------------------------
 Result from operating activities            -19,664   59,392  -68,437   65,898



 Finance income (Note 4)                           0     -104        1      991

 Finance costs (Note 4)                       -4,160   -4,609  -12,860  -14,446

 Loss before income tax                      -23,824   54,679  -81,296   52,443



 Income tax                                      -64      -70     -161   -8,199



 Net loss for the period                     -23,888   54,609  -81,457   44,244

 Net loss for the period attributable to
 equity holders of the Parent                -23,888   54,609  -81,457   44,244



 Other comprehensive income

 Items that may be reclassified to profit
 or loss

 Exchange differences on translating
 foreign operations                               46       34      127      456
-------------------------------------------------------------------------------
 Other comprehensive income for the period        46       34      127      456



 Total comprehensive loss for the period     -23,842   54,643  -81,330   44,700

 Total comprehensive loss for the period
 attributable to equity holders of the
 Parent                                      -23,842   54,643  -81,330   44,700



 Loss per share (in EUR, Note 5)              -0.036    0.082   -0.122    0.066
-------------------------------------------------------------------------------



Consolidated statement of financial position

 Unaudited, in thousands of EUR                30.09.2020 30.09.2019 31.12.2019
-------------------------------------------------------------------------------
 ASSETS

 Cash and cash equivalents                         30,671     38,237     38,877

 Trade and other receivables                       25,690     48,271     37,606

 Prepayments                                       10,664     12,775      6,805

 Prepaid income tax                                    22         44         67

 Inventories                                       32,506     40,440     37,255
-------------------------------------------------------------------------------
 Current assets                                    99,553    139,767    120,610



 Investments in equity-accounted investees            403        407        403

 Other financial assets and prepayments             2,228        326      1,619

 Deferred income tax assets                        18,674     17,934     18,674

 Investment property                                  300        300        300

 Property, plant and equipment (Note 6)         1,380,154  1,360,619  1,347,093

 Intangible assets (Note 7)                        41,620     44,844     44,264
-------------------------------------------------------------------------------
 Non-current assets                             1,443,379  1,424,430  1,412,353

 TOTAL ASSETS                                   1,542,932  1,564,197  1,532,963



 LIABILITIES AND EQUITY

 Interest-bearing loans and borrowings (Note
 8)                                               145,547     94,421     89,198

 Trade and other payables                         102,923     99,107     98,926

 Payables to owners                                     6     46,876          6

 Income tax liability                                  30          0          0

 Deferred income                                   27,314     35,735     33,314
-------------------------------------------------------------------------------
 Current liabilities                              275,820    276,139    221,444



 Interest-bearing loans and borrowings (Note
 8)                                               525,605    470,400    488,682
-------------------------------------------------------------------------------
 Non-current liabilities                          525,605    470,400    488,682
-------------------------------------------------------------------------------
 Total liabilities                                801,425    746,539    710,126



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

 Share premium                                        663        663        663

 Reserves                                          70,685     70,415     69,608

 Retained earnings                                355,315    431,736    437,722
-------------------------------------------------------------------------------
 Equity attributable to equity holders of the
 Parent                                           741,507    817,658    822,837

 Total equity                                     741,507    817,658    822,837
-------------------------------------------------------------------------------
 TOTAL LIABILITIES AND EQUITY                   1,542,932  1,564,197  1,532,963



Consolidated statement of cash flows

                                                               Jan-Sep  Jan-Sep
 Unaudited, in thousands of EUR                Q3 2020 Q3 2019    2020     2019
-------------------------------------------------------------------------------


 CASH FLOWS FROM OPERATING ACTIVITIES

 Net loss for the period                       -23,888  54,609 -81,457   44,244

 Adjustments                                    29,646  28,455  88,117   93,832

 Changes in:

 Receivables and prepayments related to
 operating activities                           -3,422   5,153   7,872  -10,368

 Inventories                                     4,529  -1,114   4,749   -4,699

 Liabilities related to operating activities    -6,419 -18,535 -13,964    3,169
-------------------------------------------------------------------------------
 Changes in assets and liabilities              -5,312 -14,496  -1,343  -11,898

 Cash generated from operating activities          446  68,568   5,317  126,178

 Income tax repaid/paid                            -66     -70     -86     -288
-------------------------------------------------------------------------------
 NET CASH FROM OPERATING ACTIVITIES                380  68,498   5,231  125,890



 CASH FLOWS FROM INVESTING ACTIVITIES

 Purchase of property, plant, equipment and
 intangible assets (Notes 6, 7)                -41,447  -7,138 -82,861  -50,856

 Proceeds from disposals of property, plant,
 equipment                                          31      70      78      212

 Interest received                                   0       0       1        1
-------------------------------------------------------------------------------
 NET CASH USED IN INVESTING ACTIVITIES         -41,416  -7,068 -82,782  -50,643



 CASH FLOWS FROM FINANCING ACTIVITIES

 Proceeds from loans received (Note 8)          40,000       0  55,000        0

 Repayment of loans received (Note 8)                0 -25,041 -14,667  -56,375

 Change in overdraft (Note 8)                   18,668 -13,852  50,673    5,157

 Payments for settlement of derivatives              0       0       0   -1,029

 Payment of lease liabilities (Note 8)          -3,947  -3,800  -8,861  -10,934

 Interest paid                                  -4,479  -5,214 -12,168  -13,648

 Payment of transaction costs related to loans    -427    -795    -632     -795

 Dividends paid (Note 10)                            0 -33,458       0  -33,458

 Income tax on dividends paid                        0  -8,103       0   -8,103
-------------------------------------------------------------------------------
 NET CASH FROM/USED IN FINANCING ACTIVITIES     49,815 -90,263  69,345 -119,185



 TOTAL NET CASH FLOW                             8,779 -28,833  -8,206  -43,938
-------------------------------------------------------------------------------


 Cash and cash equivalents at the beginning of
 period                                         21,892  67,070  38,877   82,175

 Change in cash and cash equivalents             8,779 -28,833  -8,206  -43,938
-------------------------------------------------------------------------------
 Cash and cash equivalents at the end of
 period                                         30,671  38,237  30,671   38,237




Joonas Joost
Financial Director

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