AS Tallink Grupp Audited Annual Report for the Financial Year 2024
On 16 April 2025 the Supervisory Board of AS Tallink Grupp approved the audited annual report for 2024 and will submit it to the General Meeting of Shareholders for approval.
Compared to the unaudited interim report published on February 20 there are no differences in the audited annual report in terms of the financial results.
The audited annual report of AS Tallink Grupp for the financial year 2024 in ESEF format together with the independent auditor’s report is attached to this release and will be made available on the website of AS Tallink Grupp at https://company.tallink.com/for-investors/reports-and-financial-key-figures.
In the financial year 2024 (1 January – 31 December), AS Tallink Grupp and its subsidiaries (the Group) carried 5.6 million passengers, which is down 2.2% compared to the financial year 2023. The number of cargo units transported decreased by 6.4% compared to the previous financial year and the number of passenger cars transported decreased by 7.5%, year-on-year.
The Group’s audited consolidated revenue amounted to EUR 785.8 million (EUR 835.3 million in the financial year 2023), down 5.9% year-on-year. Revenue from the route operations (the Group’s core business) decreased by EUR 6.9 million to EUR 638.9 million compared to the financial year 2023. The Group’s EBITDA was EUR 175.2 million (EUR 214.5 million in the financial year 2023) and the audited net profit for the period was EUR 40.3 million (EUR 78.9 million in the financial year 2023).
The following operational factors impacted the Group’s revenue and operating results in 2024:
- Demand continued to be affected by low consumer and business confidence, economic challenges in the Group’s core markets and global geopolitical tensions.
- As at the end of the financial year, the Group operated 14 vessels including 2 shuttle vessels, 2 cargo vessels, 5 cruise ferries, 3 vessels that were chartered out (4 at the beginning of the year) and 2 vessels that were laid up.
- The Group extended the charter agreement of the cruise ferry Galaxy I until October 2025 with an extension option of 6+6 months and signed an agreement for the chartering of the cruise ferry Silja Europa until June 2025 with an extension option of 7+6+6 months.
- The Group sold the cruise ferry Isabelle in January 2024.
- The Group operated 3 hotels in Tallinn and 1 in Riga.
- The Group’s net debt was EUR 537.7 million as at the end of the financial year (EUR 607.3 million as at 31 December 2023) bringing the net debt to EBITDA ratio to 3.07 as at 31 December 2024.
- In the financial year 2024, total loan repayment and related interest expense amounted to EUR 116.1 million.
- The Group paid dividends in the amount of EUR 44.6 million and related income tax expense in the amount of EUR 9.2 million.
- As a result of a voluntary takeover bid, the shareholding of AS Infortar, the core shareholder of the Group, increased from 46.8% to 68.5% as at 9 August 2024. AS Tallink Grupp continues as an independent listed company also after AS Infortar became the majority shareholder of the Group.
- The Group continues to focus on cost efficiencies from the previously implemented measures and maintaining profitable operations on its core routes.
- The Group monitors the developments on its core routes including the capacity of each route and continues to look for new chartering options for vessels not used on the main routes and to work on extending the existing charter agreements.
Key figures
| For the year ended 31 December | 2024 | 2023 | 2022 | 2021 | 2020 |
| Revenue (EUR million) | 785.8 | 835.3 | 771.4 | 476.9 | 442.9 |
| Gross profit/loss (EUR million) | 153.6 | 203.8 | 113.5 | 21.7 | -43.5 |
| EBITDA¹ (EUR million) | 175.2 | 214.5 | 135.8 | 58.3 | 8 |
| EBIT¹ (EUR million) | 77.4 | 113.3 | 37.7 | -37 | -92.6 |
| Net profit/loss for the period (EUR million) | 40.3 | 78.9 | 13.9 | -56.6 | -108.3 |
| Depreciation and amortisation¹ (EUR million) | 97.8 | 101.2 | 98.1 | 95.3 | 100.7 |
| Capital expenditures¹ ²(EUR million) | 22.4 | 28.2 | 203.3 | 20.2 | 100.1 |
| Weighted average number of ordinary shares outstanding | 743 569 064 | 743 569 064 | 743 569 064 | 694 444 381 | 669 882 040 |
| Earnings/loss per share¹ (EUR) | 0.05 | 0.11 | 0.02 | -0.08 | -0.16 |
| Number of passengers¹ | 5 580 016 | 5 705 600 | 5 462 085 | 2 961 975 | 3 732 102 |
| Number of cargo units¹ | 303 234 | 323 990 | 409 769 | 369 170 | 359 811 |
| Average number of employees¹ | 4 964 | 4 879 | 5 023 | 4 360 | 6 104 |
| As at 31 December | 2024 | 2023 | 2022 | 2021 | 2020 |
| Total assets (EUR million) | 1 463.90 | 1 555.20 | 1 691.60 | 1 585.90 | 1 516.20 |
| Total liabilities (EUR million) | 681.6 | 769.5 | 984.7 | 893.4 | 801.9 |
| Interest-bearing liabilities¹ (EUR million) | 556.4 | 649.3 | 853.5 | 779.9 | 705.1 |
| Net debt¹ (EUR million) | 537.7 | 607.3 | 738.6 | 652.4 | 677.3 |
| Net debt to EBITDA¹ | 3.1 | 2.8 | 5.4 | 11.2 | 84.2 |
| Total equity (EUR million) | 782.3 | 785.8 | 706.9 | 692.5 | 714.3 |
| Equity ratio¹ (%) | 53.40% | 50.50% | 41.80% | 43.70% | 47.10% |
| Number of ordinary shares outstanding | 743 569 064 | 743 569 064 | 743 569 064 | 743 569 064 | 669 882 040 |
| Shareholders’ equity per share (EUR) | 1.05 | 1.06 | 0.95 | 0.93 | 1.07 |
| Ratios¹ | 2024 | 2023 | 2022 | 2021 | 2020 |
| Gross margin (%) | 19.50% | 24.40% | 14.70% | 4.50% | -9.80% |
| EBITDA margin (%) | 22.30% | 25.70% | 17.60% | 12.20% | 1.80% |
| EBIT margin (%) | 9.90% | 13.60% | 4.90% | -7.80% | -20.90% |
| Net profit/loss margin (%) | 5.10% | 9.40% | 1.80% | -11.90% | -24.50% |
| ROA (%) | 5.10% | 7.00% | 2.40% | -2.40% | -6.10% |
| ROE (%) | 5.20% | 10.60% | 2.10% | -8.20% | -14.10% |
| ROCE (%) | 6.00% | 8.40% | 3.10% | -2.80% | 7.20% |
| Current ratio | 0.5 | 0.5 | 0.7 | 0.6 | 0.4 |
¹ Alternative performance measures based on ESMA guidelines are disclosed in the “Alternative performance measures” section of the report.
2 Does not include additions to right-of-use assets.
Consolidated statement of profit or loss and other comprehensive income
| For the year ended 31 December, in thousands of EUR | 2024 | 2023 |
| Revenue | 785 822 | 835 325 |
| Cost of sales | -632 266 | -631 491 |
| Gross profit/loss | 153 556 | 203 834 |
| Sales and marketing expenses | -43 849 | -42 162 |
| Administrative expenses | -52 853 | -52 401 |
| Impairment loss on receivables | 7 | -71 |
| Other operating income | 21 684 | 4 275 |
| Other operating expenses | -1 115 | -171 |
| Result from operating activities | 77 430 | 113 304 |
| Finance income | 938 | 1 332 |
| Finance costs | -29 198 | -36 864 |
| Share of profit/loss of equity-accounted investees | 0 | -75 |
| Profit/loss before income tax | 49 170 | 77 697 |
| Income tax | -8 896 | 1 175 |
| Net profit/loss | 40 274 | 78 872 |
| Net profit/loss attributable to equity holders of the Parent | 40 274 | 78 872 |
| Other compherensive income | ||
| Items that may be reclassified to profit or loss | ||
| Exchange differences on translating foreign operations | 332 | -172 |
| Other comprehensive income | 332 | -172 |
| Total comprehensive income | 40 606 | 78 700 |
| Total comprehensive income attributable to equity holders of the Parent | 40 606 | 78 700 |
| Basic and diluted loss per share (in EUR) | 0.054 | 0.106 |
Consolidated statement of financial position
| As at 31 December, in thousands of EUR | 2024 | 2023 |
| ASSETS | ||
| Cash and cash equivalents | 18 705 | 41 921 |
| Trade and other receivables | 25 268 | 31 766 |
| Prepayments | 8 764 | 7 661 |
| Prepaid income tax | 0 | 193 |
| Inventories | 48 083 | 41 411 |
| Current assets | 6 901 | 122 952 |
| 107 721 | ||
| Investments in equity-accounted investees | 0 | |
| Other financial assets and prepayments | 518 | 4 794 |
| Deferred income tax assets | 21 840 | 21 840 |
| Investment property | 300 | 300 |
| Property, plant and equipment | 1 310 000 | 1 377 664 |
| Intangible assets | 23 562 | 27 671 |
| Non-current assets | 1 356 220 | 1 432 269 |
| TOTAL ASSETS | 1 463 941 | 1 555 221 |
| LIABILITIES AND EQUITY | ||
| Interest-bearing loans and borrowings | 104 549 | 104 097 |
| Trade and other payables | 95 146 | 85 406 |
| Payables to owners | 6 | 6 |
| Income tax liability | 7 | 10 |
| Deferred income | 30 102 | 34 788 |
| Current liabilities | 229 810 | 224 307 |
| Interest-bearing loans and borrowings | 451 825 | 545 160 |
| Non-current liabilities | 451 825 | 545 160 |
| Total liabilities | 681 635 | 769 467 |
| Share capital | 349 477 | 349 477 |
| Share Premium | 663 | 663 |
| Reserves | 65 901 | 67 056 |
| Retained earnings | 366 265 | 368 558 |
| Equity attributable to equity holders of the Parent | 782 306 | 785 754 |
| Total equity | 782 306 | 785 754 |
| TOTAL LIABILITIES AND EQUITY | 1 463 941 | 1 555 221 |
Consolidated statement of cash flows
| For the year ended 31 December, in thousands of EUR | 2024 | 2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net profit/loss for the period | 40 274 | 78 872 |
| Adjustments for: | ||
| Depreciation and amortisation | 97 751 | 101 224 |
| Net gain/loss on disposals of property, plant and equipment | -18 260 | -15 |
| Net interest expense | 28 008 | 35 290 |
| Loss from equity-accounted investees | 0 | 75 |
| Net unrealised foreign exchange gain/loss | 288 | -198 |
| Loss from investments | 560 | 123 |
| Income tax | 8 896 | -1 175 |
| Adjustments | 117 243 | 135 324 |
| Changes in: | ||
| Receivables related to operating activities | 6 481 | -378 |
| Prepayments related to operating activities | -776 | 1 718 |
| Inventories | -13 573 | -1 446 |
| Liabilities related to operating activities | 8 505 | -10 457 |
| Changes in assets and liabilities | 637 | -10 563 |
| Cash generated from operating activities | 158 154 | 203 633 |
| Income tax paid | -4 740 | -186 |
| NET CASH FROM/USED IN OPERATING ACTIVITIES | 153 414 | 203 447 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchase of property, plant and equipment and intangible assets | -22 260 | -28 131 |
| Proceeds from disposals of property, plant and equipment | 24 555 | 613 |
| Interest received | 938 | 1 332 |
| NET CASH USED IN INVESTING ACTIVITIES | 3 233 | -26 186 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from loans received | 0 | 59 972 |
| Repayment of loans received | -87 045 | -251 431 |
| Change in overdraft | 0 | -15 |
| Payment of lease liabilities | -18 659 | -21 519 |
| Interest paid | -29 095 | -32 827 |
| Payment of transaction costs related to loans | -450 | -4 455 |
| Dividends paid | -44 614 | |
| NET CASH FROM FINANCING ACTIVITIES | -179 863 | -250 275 |
| TOTAL NET CASH FLOW | -23 216 | -73 014 |
| Cash and cash equivalents at the beginning of period | 41 921 | 114 935 |
| Change in cash and cash equivalents | -23 216 | -73 014 |
| Cash and cash equivalents at the end of period | 18 705 | 41 921 |
Anneli Simm
Investor Relations Manager
AS Tallink Grupp
Sadama 5
10111 Tallinn, Estonia
E-mail [email protected]
Phone: +372 56157170
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