AS Tallink Grupp Financial Year 2024 Performance Overview
Recently, AS Tallink Grupp announced that its Supervisory Board has approved the audited report for the financial year 2024. This audited report will be presented at the General Meeting of Shareholders for final approval.
It's noteworthy that there are no discrepancies in the financial results when compared to the previously released interim report. The information contained within both documents remains consistent.
The comprehensive audited annual report of AS Tallink Grupp for 2024 is published in ESEF format and is accessible on the company’s official website. This report presents crucial insights regarding the company’s operations and overall financial health.
Key Operational Metrics
During 2024, AS Tallink Grupp successfully carried approximately 5.6 million passengers, marking a 2.2% decrease from the previous year. Concurrently, the total transportation of cargo units saw a decline of 6.4%, while the number of passenger cars transported fell by 7.5% year-on-year.
The reported consolidated revenue for 2024 stands at EUR 785.8 million, a decline from EUR 835.3 million in 2023, representing a year-over-year drop of 5.9%. The company’s primary revenue driver, which stems from route operations, experienced a reduction of EUR 6.9 million, bringing it to EUR 638.9 million. The Group's EBITDA was reported at EUR 175.2 million, down from EUR 214.5 million in 2023, while the net profit for the period amounted to EUR 40.3 million compared to EUR 78.9 million the previous financial year.
Operational Challenges and Adjustments
Several operational factors influenced AS Tallink Grupp’s revenue and overall performance throughout 2024:
- Consumer confidence and business activities were impacted by economic instability and global geopolitical tensions, which continued to influence demand.
- By the conclusion of the financial year, the Group was engaged in operating a fleet of 14 vessels, which included 2 shuttle vessels and 5 cruise ferries.
- In January, the Group finalized the sale of the cruise ferry Isabelle, while extending charters for the cruise ferry Galaxy I until October 2025 and Silja Europa until June 2025.
- AS Tallink Grupp managed 3 hotels in Tallinn and 1 hotel in Riga, contributing to the diversification of its business offerings.
- The net debt reported was EUR 537.7 million, a downturn from EUR 607.3 million at the close of the previous year, noted as a positive movement in the net debt to EBITDA ratio, which is now 3.07.
- During this financial year, the company paid out dividends totaling EUR 44.6 million.
- The core shareholder, AS Infortar, increased its stake to 68.5% following a voluntary takeover bid but reassured stakeholders that AS Tallink Grupp remains an independent listed company.
- AS Tallink Grupp is actively pursuing cost efficiencies to enhance operational profitability, particularly across its main routes while monitoring the capacity and exploring new opportunities for charters.
Financial Highlights
Several key financial figures for 2024 include:
- Revenue: EUR 785.8 million
- EBITDA: EUR 175.2 million
- Net Profit: EUR 40.3 million
- Gross Profit: EUR 153.6 million
- Average Number of Employees: 4,964
- Number of Passengers: 5,580,016
- Number of Cargo Units: 303,234
Looking Ahead
Despite the challenges faced in 2024, AS Tallink Grupp continues to exhibit resilience and adaptability in its strategies. By focusing on core operations and exploring efficiency improvements, the Group aims to fortify its market position. The ongoing adjustments in fleet management and hotel operations reflect their commitment to stabilizing revenue streams and enhancing customer service.
Frequently Asked Questions
What were AS Tallink Grupp's total revenues for 2024?
The total revenues for AS Tallink Grupp in 2024 reached EUR 785.8 million.
How many passengers did AS Tallink Grupp carry in 2024?
During the financial year 2024, AS Tallink Grupp carried approximately 5.6 million passengers.
What factors impacted the company’s revenue in 2024?
Revenue was affected by economic instability, consumer confidence, and geopolitical tensions.
How much was the net profit reported for the year 2024?
The net profit reported for AS Tallink Grupp in 2024 was EUR 40.3 million.
What steps is AS Tallink Grupp taking to improve profitability?
AS Tallink Grupp is focusing on operational efficiencies and exploring new charter options to maintain profitability on existing routes.
Anneli Simm
Investor Relations Manager
AS Tallink Grupp
Sadama 5, 10111 Tallinn, Estonia
E-mail anneli.simm@tallink.ee
Phone: +372 56157170
